Where to Get Capital for Full-Service Restaurants

With these SBA loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $24,848 was given to a Minnesota entrepreneur in 2001.

This business knew how to go about getting a business bank loan. Based in New Richland, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was State Bank Of New Richland, based in New Richland, Minnesota.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
NEW RICHLAND, MN 56072

SBA Loan Lender

STATE BANK OF NEW RICHLAND
103 N BROADWAY
NEW RICHLAND, MN 56072

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

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

8/16/2001

Loan Approval Gross Amount

$24,848

Loan Approval from the SBA

Of the total $24,848 loan amount, the SBA guaranteed $21,121.

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 18 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 $24,848 loan. Remember, you control your own destiny.

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:

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Where to Get an SBA Loan in New Richland, Minnesota

Getting a Business Loan in Minnesota