Getting an SBA Loan for Full-Service Restaurants

Looking for SBA loans for full-service restaurants? Talk to a banker who works with the SBA. This $720,000 full-service restaurants loan was issued by a New Jersey bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Netcong, New Jersey was able to borrow $720,000 from Bergen Comm. Bank A Division -. The SBA made the loan possible by guaranteeing $540,000 of this New Jersey small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
NETCONG, NJ 07857

SBA Loan Lender

BERGEN COMM. BANK A DIVISION -
2 SEARS DR
PARAMUS, NJ 07652

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/12/2006

Loan Approval Gross Amount

$720,000

Loan Approval from the SBA

Of the total $720,000 loan amount, the SBA guaranteed $540,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 10 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bergen Comm. Bank A Division - had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bergen Comm. Bank A Division - 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.

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