Get an SBA Loan for Limited-Service Restaurants

Looking for loans for limited-service restaurants? Talk to a banker who works with the SBA. This $300,000 limited-service restaurants loan was issued by a Virginia bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Richmond, Virginia was able to borrow $300,000 from Citizens & Farmers Bank. The SBA made the loan possible by guaranteeing $225,000 of this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
RICHMOND, VA 23233

SBA Loan Lender

CITIZENS & FARMERS BANK
1400 ALVERSER DR, C & F CENTE
MIDLOTHIAN, VA 23112

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

2/18/2004

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start business in Richmond VA, you ought to talk with a local Richmond SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Richmond businesses.

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 Citizens & Farmers 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:

Choosing VC Firms

SBA 7A Banks for Midlothian, Virginia Loans

Where to Get an SBA Loan Virginia