Limited-Service Restaurants Bank Loans
With these bank loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $182,000 was given to a Washington entrepreneur in 2007.
Getting a small business loan in Renton, Washington was important for this growing firm back in 2007 and, based on their loan application, they were successful in getting an SBA loan from City Bank, operating out of Lynnwood, Washington. Here are the details on this Washington small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
RENTON, WA 98056
SBA Loan Lender
CITY BANK
14807 HWY 99
LYNNWOOD, WA 98087
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
2/16/2007
Loan Approval Gross Amount
$182,000
Loan Approval from the SBA
Of the total $182,000 loan amount, the SBA guaranteed $136,500.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 4 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.
Getting an SBA Loan For Your Business
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
Small Business Loan
Best Banks for Small Business in Lynnwood, Washington
Where to Get an SBA Loan Washington