SBA Loans for Full-Service Restaurants

With these SBA loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $300,000 was given to a Minnesota entrepreneur in 2004.

This business knew how to go about getting a business bank loan. Based in Line Lakes, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Patriot Bank Minnesota, based in Wyoming, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
LINE LAKES, MN 55014

SBA Loan Lender

PATRIOT BANK MINNESOTA
26727 FAXTON BLVD, UNIT 1
WYOMING, MN 55092

This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/26/2004

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 25 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Patriot Bank Minnesota so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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