Business Loans for Full-Service Restaurants

Looking for business loans for full-service restaurants? The SBA may be the answer. This $252,000 full-service restaurants loan was issued by a North Carolina bank.

This small business knew how to go about getting a business bank loan. Based in Kill Devil Hills, North Carolina, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Southern Bank & Trust, based in Kill Devil Hills, North Carolina.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
KILL DEVIL HILLS, NC 27948

SBA Loan Lender

SOUTHERN BANK & TRUST
202 S CROATAN HWY
KILL DEVIL HILLS, NC 27948

This lender issued this business loan under the 7A SBA program, 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

2/13/2002

Loan Approval Gross Amount

$252,000

Loan Approval from the SBA

Of the total $252,000 loan amount, the SBA guaranteed $189,000.

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 18 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Southern Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Southern Bank & Trust 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:

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Where to Get an SBA Loan in Kill Devil Hills, North Carolina

Getting an SBA Loan in North Carolina