How to Get a Loan for Full-Service Restaurants
Looking for business loans for full-service restaurants? The SBA may be the answer. This $1,200,000 full-service restaurants loan was issued by a California bank.
This small business knew how to go about getting a business bank loan. Based in Palmdale, California, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Nara Bank, based in Los Angeles, California.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
Palmdale, CA 93552
SBA Loan Lender
NARA BANK
3731 WILSHIRE BLVD, STE 1000
LOS ANGELES, CA 90010
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
8/13/2007
Loan Approval Gross Amount
$1,200,000
Loan Approval from the SBA
Of the total $1,200,000 loan amount, the SBA guaranteed $900,000.
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 40 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 40 existing jobs.
Getting an SBA Loan For Your Business
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:
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Getting a Business Loan in California