How to Get a Loan for Full-Service Restaurants

With these commercial loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $25,000 was given to a New Jersey entrepreneur in 2006.

This small business knew how to go about getting a business bank loan. Based in Palisades Park, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Hsbc Bank Usa, based in Buffalo, New York.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
PALISADES PARK, NJ 07650

SBA Loan Lender

HSBC BANK USA
ONE HSBC CTR
BUFFALO, NY 14203

The lender provided this loan for a small business through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/18/2006

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Palisades Park NJ, you ought to talk with a local Palisades Park SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Palisades Park businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $25,000 loan. Remember, you control your own destiny.

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:

Microlending as a Small Business Funding Source

Small Business Banks in Buffalo, New York

Getting an SBA Loan in New York