SBA Loans for Full-Service Restaurants

With these SBA loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $26,800 was given to an Iowa entrepreneur in 2001.

This business knew how to go about getting a business bank loan. Based in Prescott, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Okey-Vernon 1st National, based in Corning, Iowa.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PRESCOTT, IA 50859

SBA Loan Lender

OKEY-VERNON 1ST NATIONAL
701 DAVIS AVE
CORNING, IA 50841

This SBA small 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

3/30/2001

Loan Approval Gross Amount

$26,800

Loan Approval from the SBA

Of the total $26,800 loan amount, the SBA guaranteed $22,780.

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. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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 Credit Evaluation

SBA Participating Banks in Corning, Iowa

Where to Get an SBA Loan Iowa