Limited-Service Restaurants Bank Loans

Looking for bank loans for limited-service restaurants? The SBA may be the answer. This $54,560 limited-service restaurants loan was issued by a South Carolina bank.

This company knew how to go about getting a business bank loan. Based in Mount Pleasant, South Carolina, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First Cit. Bank & Trust Inc, based in Columbia, South Carolina.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
MOUNT PLEASANT, SC 29466

SBA Loan Lender

FIRST CIT. BANK & TRUST INC
1314 PARK ST
COLUMBIA, SC 29201

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.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/8/2002

Loan Approval Gross Amount

$54,560

Loan Approval from the SBA

Of the total $54,560 loan amount, the SBA guaranteed $46,376.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from First Cit. Bank & Trust Inc so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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