How to Get a Loan for Full-Service Restaurants

Looking for business loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $106,300 full-service restaurants loan was issued by a Louisiana bank.

This small business knew how to go about getting a business bank loan. Based in Houma, Louisiana, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Midsouth Bank, based in Lafayette, Louisiana.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
HOUMA, LA 70360

SBA Loan Lender

MIDSOUTH BANK
102 VERSAILLES
LAFAYETTE, LA 70501

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/5/2003

Loan Approval Gross Amount

$106,300

Loan Approval from the SBA

Of the total $106,300 loan amount, the SBA guaranteed $90,355.

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 4 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 Midsouth 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:

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SBA Banks in Lafayette, Louisiana

SBA Lenders in Louisiana