Limited-Service Restaurants Business Loans

Looking for business loans for limited-service restaurants? Try the SBA. This $17,500 limited-service restaurants loan was issued by a Texas bank.

This small business knew how to go about getting a business bank loan. Based in Odessa, Texas, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Southwest Bank, based in Odessa, Texas.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
ODESSA, TX 79762

SBA Loan Lender

SOUTHWEST BANK
4800 E 42ND ST
ODESSA, TX 79762

This lender issued this particular 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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/16/2003

Loan Approval Gross Amount

$17,500

Loan Approval from the SBA

Of the total $17,500 loan amount, the SBA guaranteed $14,875.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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