Raising Money for Full-Service Restaurants

With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $749,400 was given to a Michigan entrepreneur in 2007.

This company knew how to go about getting a business bank loan. Based in Royal Oak, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was The Huntington National Bank, based in Columbus, Ohio.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
Royal Oak, MI 48067

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
7 EASTON OVAL
COLUMBUS, OH 43219

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

722110 - Full-Service Restaurants

Loan Approval Date

8/29/2007

Loan Approval Gross Amount

$749,400

Loan Approval from the SBA

Of the total $749,400 loan amount, the SBA guaranteed $562,050.

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 5 employees. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Royal Oak MI, you ought to talk with a local Royal Oak SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Royal Oak businesses.

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.

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