Full-Service Restaurants Business Loans
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 $45,000 was given to a Minnesota entrepreneur in 2001.
This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Bank Midwest Minnesota Iowa Na, out of Jackson, Minnesota. The loan was granted and they received $45,000 to help grow their Jackson, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
JACKSON, MN 56143
SBA Loan Lender
BANK MIDWEST MINNESOTA IOWA NA
509 3RD ST
JACKSON, MN 56143
This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
2/26/2001
Loan Approval Gross Amount
$45,000
Loan Approval from the SBA
Of the total $45,000 loan amount, the SBA guaranteed $38,250.
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 10 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Midwest Minnesota Iowa Na had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Midwest Minnesota Iowa Na made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
Obtaining Funding - How to Decide How Much to Raise
SBA 7A Lenders in Jackson, Minnesota
Minnesota SBA 7A Banks