Full-Service Restaurants Small Business Loans

Looking for small business loans for full-service restaurants? The SBA may be the answer. This $375,000 full-service restaurants loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Little Falls, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was St. Stephen State Bank, based in Saint Cloud, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
LITTLE FALLS, MN 56345

SBA Loan Lender

ST. STEPHEN STATE BANK
3950 3RD ST NORTH
SAINT CLOUD, MN 56301

This debt financing 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

2/21/2007

Loan Approval Gross Amount

$375,000

Loan Approval from the SBA

Of the total $375,000 loan amount, the SBA guaranteed $281,250.

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 25 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to find other ways to get money to start a business, 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:

The Art of Bootstrapping

Small Business Banks in Saint Cloud, Minnesota

Minnesota SBA Bank Lenders