Borrowing Money for Full-Service Restaurants

Looking for loans for full-service restaurants? Try the SBA. This $260,700 full-service restaurants loan was issued by a North Carolina bank.

This company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Coastal Fcu, out of Raleigh, North Carolina. The loan was granted and they received $260,700 to help grow their Raleigh, North Carolina business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
RALEIGH, NC 27609

SBA Loan Lender

COASTAL FCU
1000 ST ALBANS DR
RALEIGH, NC 27609

This bank 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.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/9/2004

Loan Approval Gross Amount

$260,700

Loan Approval from the SBA

Of the total $260,700 loan amount, the SBA guaranteed $195,525.

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 11 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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Coastal Fcu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Coastal Fcu 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:

Role of Business Plan When Raising Money

SBA 7A Banks for Raleigh, North Carolina Loans

North Carolina SBA 7A Lenders