Get an SBA Loan for Full-Service Restaurants

Looking for small business loans for full-service restaurants? Try the SBA. This $472,500 full-service restaurants loan was issued by an Iowa bank.

This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Bank Of The West, out of Cedar Rapids, Iowa. The loan was granted and they received $472,500 to help grow their Iowa City, Iowa business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
IOWA CITY, IA 52240

SBA Loan Lender

BANK OF THE WEST
700 FIRST AVE NE
CEDAR RAPIDS, IA 52401

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

4/21/2004

Loan Approval Gross Amount

$472,500

Loan Approval from the SBA

Of the total $472,500 loan amount, the SBA guaranteed $354,375.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 35 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

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

If you have been wondering how do i get money to start a business in Iowa City IA, you ought to talk with a local Iowa City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Iowa City businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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SBA 7A Lenders in Cedar Rapids, Iowa

SBA Lenders in Iowa