How to Get a Loan for Full-Service Restaurants
With these business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $310,000 was given to a Pennsylvania entrepreneur in 2004.
This small business knew how to go about getting a business bank loan. Based in New Providence, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Commerce Bank, based in Philadelphia, Pennsylvania.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
NEW PROVIDENCE, PA 17560
SBA Loan Lender
COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103
This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
6/24/2004
Loan Approval Gross Amount
$310,000
Loan Approval from the SBA
Of the total $310,000 loan amount, the SBA guaranteed $232,500.
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 21 employees. The SBA loan documents indicated that the loan would help retain 21 existing jobs.
Next Steps for Getting an SBA Loan
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.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Commerce Bank 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.
Related Links:
Obtaining Funding From a Venture Capitalist
SBA 7A Banks for Philadelphia, Pennsylvania Loans
Pennsylvania SBA Bank Lenders