How to Get a Loan for Full-Service Restaurants

Looking for business loans for full-service restaurants? Talk to a banker who works with the SBA. This $300,000 full-service restaurants loan was issued by a New Jersey bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Td Banknorth, out of Saddle Brook, New Jersey. The loan was granted and they received $300,000 to help grow their North Arlington, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
NORTH ARLINGTON, NJ 07032

SBA Loan Lender

TD BANKNORTH
PARK 80 WEST/PLAZA 2
SADDLE BROOK, NJ 07663

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan 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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/20/2003

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 27 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in North Arlington NJ, you ought to talk with a local North Arlington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to North Arlington businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Td Banknorth had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Td Banknorth 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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Who Lends Money to Small Businesses in Saddle Brook, New Jersey

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