Borrowing Money for Full-Service Restaurants

With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $108,000 was given to a Maine entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Portland, Maine was able to borrow $108,000 from Norway Savings Bank. The SBA made the loan possible by guaranteeing $91,800 of this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PORTLAND, ME 04101

SBA Loan Lender

NORWAY SAVINGS BANK
261 MAIN ST
NORWAY, ME 04268

This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

1/14/2003

Loan Approval Gross Amount

$108,000

Loan Approval from the SBA

Of the total $108,000 loan amount, the SBA guaranteed $91,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are working on finding money to start a business in Portland ME, you ought to talk with a local Portland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Portland businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $108,000 loan. Remember, anyone can do it... so why not you?

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:

Investor Turnoffs

Small Business Banks in Norway, Maine

SBA Maine Banks