Borrowing Money for Limited-Service Restaurants

With these small business loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $344,500 was given to an Ohio entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Milford, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Spring Valley Bank, based in Wyoming, Ohio.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
MILFORD, OH 45150

SBA Loan Lender

SPRING VALLEY BANK
1206 SPRINGFIELD PIKE
WYOMING, OH 45215

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/13/2002

Loan Approval Gross Amount

$344,500

Loan Approval from the SBA

Of the total $344,500 loan amount, the SBA guaranteed $258,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 21 employees. The SBA loan documents did not indicate that the business promised to use the funding to increase staffing levels 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Spring Valley Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Spring Valley Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Debt Financing

Small Business Banks in Wyoming, Ohio

Ohio SBA 7A Banks