Getting an SBA Loan for Limited-Service Restaurants
With these commercial loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $5,000 was given to a New Jersey entrepreneur in 2005.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hackensack, New Jersey was able to borrow $5,000 from Bank Of America. The SBA made the loan possible by guaranteeing $2,500 of this New Jersey small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
HACKENSACK, NJ 07601
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
3/11/2005
Loan Approval Gross Amount
$5,000
Loan Approval from the SBA
Of the total $5,000 loan amount, the SBA guaranteed $2,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs.
Getting an SBA Loan For Your Business
If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source
We can help you find the best banks for small businesses in Hackensack or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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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