Commercial Loans for Limited-Service Restaurants

Looking for commercial loans for limited-service restaurants? Try the SBA. This $185,000 limited-service restaurants loan was issued by a Rhode Island bank.

This business knew how to go about getting a business bank loan. Based in New Orleans, Louisiana, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Independence Bank, based in East Greenwich, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
NEW ORLEANS, LA 70115

SBA Loan Lender

INDEPENDENCE BANK
1370 S COUNTY TRL
EAST GREENWICH, RI 02818

This lender issued this SBA loan under the SBA 7A lending 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

1/23/2006

Loan Approval Gross Amount

$185,000

Loan Approval from the SBA

Of the total $185,000 loan amount, the SBA guaranteed $138,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 11 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in New Orleans LA, you ought to talk with a local New Orleans SBA lender or talk with an out-of-area SBA lender that has previously loaned money to New Orleans businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $185,000 loan. Remember, anyone can do it... so why not you?

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:

Family and Friend Investors - Your First Financiers

Where to Get an SBA Loan in East Greenwich, Rhode Island

Rhode Island SBA Banks