Borrowing Money for Limited-Service Restaurants

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 $187,400 was given to a Washington entrepreneur in 2003.

This company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Whidbey Island Bank, out of Oak Harbor, Washington. The loan was granted and they received $187,400 to help grow their Mount Vernon, Washington business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
MOUNT VERNON, WA 98273

SBA Loan Lender

WHIDBEY ISLAND BANK
450 SW BAYSHORE DR
OAK HARBOR, WA 98277

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/2/2003

Loan Approval Gross Amount

$187,400

Loan Approval from the SBA

Of the total $187,400 loan amount, the SBA guaranteed $140,550.

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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This SBA loan was for $187,400. How would you spend $187,400 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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 From a Venture Capitalist

SBA Banks in Oak Harbor, Washington

Washington SBA 7A Banks