Borrowing Money for Limited-Service Restaurants

Looking for bank loans for limited-service restaurants? Talk to a banker who works with the SBA. This $20,000 limited-service restaurants loan was issued by an Ohio bank.

This company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with The Citizens Banking Company, out of Sandusky, Ohio. The loan was granted and they received $20,000 to help grow their Milan, Ohio business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
MILAN, OH 44846

SBA Loan Lender

THE CITIZENS BANKING COMPANY
100 E WATER ST
SANDUSKY, OH 44870

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/23/2003

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $17,000.

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 11 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Milan OH, you ought to talk with a local Milan SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Milan businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The Citizens Banking Company and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Business Incubators

Find an SBA Lender in Sandusky, Ohio

Where to Get an SBA Loan Ohio