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December 22, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Richmond, Business Loans > Business Loan Center, LLC Richmond Business Loans > Full-Service Restaurants Loan | ||||
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How to Get SBA Loans in Salem, Massachusetts
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Full-Service Restaurants Bank LoansWith these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $485,000 was given to a Massachusetts entrepreneur in 2002. This company 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 Business Loan Center, LLC, based in Richmond, Virginia. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender BUSINESS LOAN CENTER, LLC As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/15/2002 Loan Approval Gross Amount $485,000 Loan Approval from the SBA Of the total $485,000 loan amount, the SBA guaranteed $363,750. 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 15 employees. The SBA loan documents indicated that the loan would help retain 15 existing jobs. Getting an SBA Loan For Your Business Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Business Loan Center, LLC so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Family and Friend Investors - Your First Financiers SBA 7A Banks in Richmond, Virginia Browse All Business Loan Sources for Virginia
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