Raising Money for Full-Service Restaurants

With these business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $85,000 was given to an Illinois entrepreneur in 2003.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Associated Bank, out of Third Lake, Illinois. The loan was granted and they received $85,000 to help grow their Huntley, Illinois business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
HUNTLEY, IL 60142

SBA Loan Lender

ASSOCIATED BANK
34354 N HWY 45
THIRD LAKE, IL 60030

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/14/2003

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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