SBA Loans for Limited-Service Restaurants

With these SBA loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $116,000 was given to a Maine entrepreneur in 2006.

This small business knew how to go about getting a business bank loan. Based in Jay, Maine, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Androscoggin Savings Bank, based in Lewiston, Maine.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
JAY, ME 04239

SBA Loan Lender

ANDROSCOGGIN SAVINGS BANK
30 LISBON ST
LEWISTON, ME 04240

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/24/2006

Loan Approval Gross Amount

$116,000

Loan Approval from the SBA

Of the total $116,000 loan amount, the SBA guaranteed $58,000.

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 5 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs.

Getting an SBA Loan For Your Business

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

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 - Friends and Family

SBA 7A Lenders in Lewiston, Maine

SBA Maine Lenders