Limited-Service Restaurants Loans

With these loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $15,000 was given to a Michigan entrepreneur in 2001.

This company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with National City Bank, out of Bannockburn, Illinois. The loan was granted and they received $15,000 to help grow their Houghton, Michigan business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
HOUGHTON, MI 48152

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

This SBA loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

12/18/2001

Loan Approval Gross Amount

$15,000

Loan Approval from the SBA

Of the total $15,000 loan amount, the SBA guaranteed $7,500.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a company in Houghton MI, you ought to talk with a local Houghton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Houghton businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Direct Public Offerings

SBA Banks in Bannockburn, Illinois

Illinois SBA 7A Banks