Raising Money for Full-Service Restaurants

Looking for business loans for full-service restaurants? Try the SBA. This $862,644 full-service restaurants loan was issued by a Connecticut bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Redding Ridge, Connecticut was able to borrow $862,644 from Newtown Savings Bank. The SBA made the loan possible by guaranteeing $646,983 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
REDDING RIDGE, CT 06876

SBA Loan Lender

NEWTOWN SAVINGS BANK
39 MAIN ST
NEWTOWN, CT 06470

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/7/2004

Loan Approval Gross Amount

$862,644

Loan Approval from the SBA

Of the total $862,644 loan amount, the SBA guaranteed $646,983.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 32 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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 Newtown Savings 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.

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