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December 22, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Plymouth Meeting, Business Loans > Continental Bank Plymouth Meeting Business Loans > Full-Service Restaurants Loan | ||||
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Radnor ( Cdp Name: Radnor Town, Pennsylvania Bank Loan
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Where to Get Capital for Full-Service RestaurantsWith these SBA loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $1,600,000 was given to a Pennsylvania entrepreneur in 2008. Getting a small business loan in Radnor ( Cdp Name: Radnor Town, Pennsylvania was important for this business back in 2008 and, based on their loan application, they were successful in getting an SBA loan from Continental Bank, operating out of Plymouth Meeting, Pennsylvania. Here are the details on this Pennsylvania small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender CONTINENTAL BANK 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 1/25/2008 Loan Approval Gross Amount $1,600,000 Loan Approval from the SBA Of the total $1,600,000 loan amount, the SBA guaranteed $1,200,000. 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 15 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 15 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Continental Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA 7A Lenders in Plymouth Meeting, Pennsylvania SBA Participating Banks in Pennsylvania
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