Raising Money for Limited-Service Restaurants

Looking for bank loans for limited-service restaurants? Try the SBA. This $343,000 limited-service restaurants loan was issued by a Minnesota bank.

This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Home Federal Savings Bank, out of Rochester, Minnesota. The loan was granted and they received $343,000 to help grow their Rochester, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
ROCHESTER, MN 55901

SBA Loan Lender

HOME FEDERAL SAVINGS BANK
1016 CIVIC CENTER DR
ROCHESTER, MN 55901

This lender issued this business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

6/2/2006

Loan Approval Gross Amount

$343,000

Loan Approval from the SBA

Of the total $343,000 loan amount, the SBA guaranteed $257,250.

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 18 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

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SBA Approved Banks in Rochester, Minnesota

Getting an SBA Loan in Minnesota