Borrowing Money for Full-Service Restaurants

With these loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $116,500 was given to an Oklahoma entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pauls Valley, Oklahoma was able to borrow $116,500 from First United Bank & Trust. The SBA made the loan possible by guaranteeing $58,250 of this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
PAULS VALLEY, OK 73075

SBA Loan Lender

FIRST UNITED BANK & TRUST
1400 W MAIN ST
DURANT, OK 74701

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

2/24/2003

Loan Approval Gross Amount

$116,500

Loan Approval from the SBA

Of the total $116,500 loan amount, the SBA guaranteed $58,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

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

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from First United Bank & Trust 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.

Related Links:

How to Raise Money

Best Durant, Oklahoma Banks for Small Business

SBA Lenders in Oklahoma