How to Get a Loan for Limited-Service Restaurants

Looking for SBA loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $300,800 limited-service restaurants loan was issued by a Minnesota bank.

Getting a small business loan in Greensboro, North Carolina was important for this small business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Stearns Bank, operating out of Saint Cloud, Minnesota. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
GREENSBORO, NC 27410

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/9/2007

Loan Approval Gross Amount

$300,800

Loan Approval from the SBA

Of the total $300,800 loan amount, the SBA guaranteed $225,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. The loan application indicated that the loan would help generate 12 new jobs and retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Greensboro NC, you ought to talk with a local Greensboro SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Greensboro businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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Where to Get an SBA Loan in Saint Cloud, Minnesota

Getting an SBA Loan in Minnesota