Full-Service Restaurants SBA Loans
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 $150,000 was given to a Massachusetts entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Norwood, Massachusetts was able to borrow $150,000 from People's Federal Savings Bank. The SBA made the loan possible by guaranteeing $127,500 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
NORWOOD, MA 02062
SBA Loan Lender
PEOPLE'S FEDERAL SAVINGS BANK
435 MARKET ST
BOSTON, MA 02135
This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.
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
12/11/2002
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 10 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
We can help you find the best banks for small businesses in Norwood or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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:
The Friends and Family Network
Best Boston, Massachusetts Banks for Small Business
Browse All Business Loan Sources for Massachusetts