Borrowing Money for Full-Service Restaurants

Looking for small business loans for full-service restaurants? The SBA may be the answer. This $200,000 full-service restaurants loan was issued by a West Virginia bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Point Pleasant, West Virginia was able to borrow $200,000 from Farmers Bank & Savings Company. The SBA made the loan possible by guaranteeing $150,000 of this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
POINT PLEASANT, WV 25550

SBA Loan Lender

FARMERS BANK & SAVINGS COMPANY
424 SECOND ST
MASON, WV 25260

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

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

4/26/2004

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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