Small Business Loans for Limited-Service Restaurants

Looking for small business loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $199,000 limited-service restaurants loan was issued by a Michigan bank.

This company knew how to go about getting a business bank loan. Based in Negaunee, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Peninsula Bank - Ishpening, based in Ishpeming, Michigan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
NEGAUNEE, MI 49866

SBA Loan Lender

PENINSULA BANK - ISHPENING
100 S MAIN ST
ISHPEMING, MI 49849

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/8/2006

Loan Approval Gross Amount

$199,000

Loan Approval from the SBA

Of the total $199,000 loan amount, the SBA guaranteed $149,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must 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.

This SBA loan was for $199,000. How would you spend $199,000 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:

SBIR Funding

Small Bank Loans in Ishpeming, Michigan

Michigan SBA 7A Lenders