Raising Money 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 $95,000 was given to a Missouri entrepreneur in 2004.
This small business knew how to go about getting a business bank loan. Based in Nixa, Missouri, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Citizens National Bank - Springfield, based in Springfield, Missouri.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
NIXA, MO 65714
SBA Loan Lender
CITIZENS NATIONAL BANK - SPRINGFIELD
1465 E SUNSHINE
SPRINGFIELD, MO 65804
This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a 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
12/30/2004
Loan Approval Gross Amount
$95,000
Loan Approval from the SBA
Of the total $95,000 loan amount, the SBA guaranteed $80,750.
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 10 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
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.
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 $95,000 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:
Alternative Financing
SBA Banks in Springfield, Missouri
Missouri SBA Bank Lenders