Full-Service Restaurants Small Business Loans

With these small business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $115,500 was given to an Ohio entrepreneur in 2003.

This company knew how to go about getting a business bank loan. Based in Oberlin, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was The Lorain National Bank, based in Lorain, Ohio.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
OBERLIN, OH 44074

SBA Loan Lender

THE LORAIN NATIONAL BANK
457 BROADWAY
LORAIN, OH 44052

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

6/19/2003

Loan Approval Gross Amount

$115,500

Loan Approval from the SBA

Of the total $115,500 loan amount, the SBA guaranteed $98,175.

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 29 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Oberlin OH, you ought to talk with a local Oberlin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Oberlin businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Lorain National Bank and they will explain how you can get an SBA loan for your company.

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:

How Much Venture Capital Is There?

Best Banks in Lorain, Ohio

Getting an SBA Loan in Ohio