Full-Service Restaurants Bank Loans

With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $209,000 was given to a Kentucky entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Paducah, Kentucky was able to borrow $209,000 from Midcountry Bank. The SBA made the loan possible by guaranteeing $156,750 of this Kentucky small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PADUCAH, KY 42003

SBA Loan Lender

MIDCOUNTRY BANK
2611 BLUE HERON DR
MARION, IL 62959

This lender issued this SBA bank loan under the 7A SBA 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

12/5/2005

Loan Approval Gross Amount

$209,000

Loan Approval from the SBA

Of the total $209,000 loan amount, the SBA guaranteed $156,750.

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 10 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This SBA loan was for $209,000. How would you spend $209,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

VC Firms on Twitter

SBA 7A Banks in Marion, Illinois

Illinois SBA 7A Banks