Getting an SBA Loan for Limited-Service Restaurants

With these commercial loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $100,000 was given to a New Jersey entrepreneur in 2004.

This business knew how to go about getting a business bank loan. Based in Pompton Lakes, New Jersey, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Commerce Bank/north, based in Ramsey, New Jersey.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
POMPTON LAKES, NJ 07442

SBA Loan Lender

COMMERCE BANK/NORTH
1100 LAKE ST
RAMSEY, NJ 07446

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/28/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 2 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Commerce Bank/north had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Commerce Bank/north made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Business Cash Advances

SBA 7A Banks in Ramsey, New Jersey

New Jersey SBA 7A Banks