Getting an SBA Loan for Full-Service Restaurants
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 $148,200 was given to a Florida entrepreneur in 2001.
This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Trustmark National Bank, out of Panama City, Florida. The loan was granted and they received $148,200 to help grow their Panama City Beach, Florida business.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
PANAMA CITY BEACH, FL 32407
SBA Loan Lender
TRUSTMARK NATIONAL BANK
3900 MARRIOTT DR, STE B
PANAMA CITY, FL 32408
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
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
5/11/2001
Loan Approval Gross Amount
$148,200
Loan Approval from the SBA
Of the total $148,200 loan amount, the SBA guaranteed $125,970.
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 12 employees. The loan application did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Trustmark National Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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