Limited-Service Restaurants Bank Loans

With these bank loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $363,000 was given to a Massachusetts entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Lowell, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was United Midwest Savings Bank, based in Bellefontaine, Ohio.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
LOWELL, MA 01854

SBA Loan Lender

UNITED MIDWEST SAVINGS BANK
2281 S MAIN ST
BELLEFONTAINE, OH 43311

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

5/5/2004

Loan Approval Gross Amount

$363,000

Loan Approval from the SBA

Of the total $363,000 loan amount, the SBA guaranteed $272,250.

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 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $363,000 loan. Remember, anyone can do it... so why not you?

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

Where to Get an SBA Loan in Bellefontaine, Ohio

Getting an SBA Loan in Ohio