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 $64,250 full-service restaurants loan was issued by a Massachusetts bank.

This small business knew how to go about getting a business bank loan. Based in Hubbardston, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Southbridge Savings Bank, based in Southbridge, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
HUBBARDSTON, MA 01452

SBA Loan Lender

SOUTHBRIDGE SAVINGS BANK
253 MAIN ST
SOUTHBRIDGE, MA 01550

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/22/2005

Loan Approval Gross Amount

$64,250

Loan Approval from the SBA

Of the total $64,250 loan amount, the SBA guaranteed $48,188.

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 10 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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 Southbridge Savings 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:

Startup Funding Tip

SBA 7A Lenders in Southbridge, Massachusetts

Getting an SBA Loan in Massachusetts