Raising Money for Full-Service Restaurants

With these business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $341,000 was given to a Massachusetts entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Salem, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Beverly Co-Operative Bank, based in Beverly, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SALEM, MA 01970

SBA Loan Lender

BEVERLY CO-OPERATIVE BANK
254 CABOT ST
BEVERLY, MA 01915

This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/26/2002

Loan Approval Gross Amount

$341,000

Loan Approval from the SBA

Of the total $341,000 loan amount, the SBA guaranteed $255,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 20 employees. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

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SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Alternative Financing

SBA 7A Lenders in Beverly, Massachusetts

SBA Lenders in Massachusetts