Full-Service Restaurants Commercial Loans

Looking for commercial loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $147,500 full-service restaurants loan was issued by a Michigan bank.

Getting a small business loan in Pickford, Michigan was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Old Mission Bank, operating out of Sault Sainte Marie, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
PICKFORD, MI 49774

SBA Loan Lender

OLD MISSION BANK
2701 I-75 BUSINESS SPUR
SAULT SAINTE MARIE, MI 49783

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

2/9/2006

Loan Approval Gross Amount

$147,500

Loan Approval from the SBA

Of the total $147,500 loan amount, the SBA guaranteed $73,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the funding would help generate 3 new jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Old Mission Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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