Getting an SBA Loan for Limited-Service Restaurants
Looking for business loans for limited-service restaurants? Talk to a banker who works with the SBA. This $120,000 limited-service restaurants loan was issued by a Michigan bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Greenville, Michigan was able to borrow $120,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $102,000 of this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
GREENVILLE, MI 48850
SBA Loan Lender
FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503
This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
4/23/2004
Loan Approval Gross Amount
$120,000
Loan Approval from the SBA
Of the total $120,000 loan amount, the SBA guaranteed $102,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 2 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $120,000 loan. Remember, fight for what you want, and it will be yours!
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.
Related Links:
Small Business Loan
Find an SBA Lender in Grand Rapids, Michigan
Getting an SBA Loan in Michigan