Full-Service Restaurants SBA Loans

Looking for SBA loans for full-service restaurants? The SBA may be the answer. This $1,395,000 full-service restaurants loan was issued by a Michigan bank.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with United Bank Of Michigan, out of Grand Rapids, Michigan. The loan was granted and they received $1,395,000 to help grow their Lowell, Michigan business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
LOWELL, MI 49331

SBA Loan Lender

UNITED BANK OF MICHIGAN
900 E PARIS AVE SE
GRAND RAPIDS, MI 49546

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/22/2001

Loan Approval Gross Amount

$1,395,000

Loan Approval from the SBA

Of the total $1,395,000 loan amount, the SBA guaranteed $999,936.

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 2 employees. The SBA loan documents indicated that the loan would help generate 73 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like United Bank Of Michigan that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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