How to Get a Loan for Limited-Service Restaurants

Looking for commercial loans for limited-service restaurants? Talk to a banker who works with the SBA. This $110,000 limited-service restaurants loan was issued by a New York bank.

This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with New York Business Devel Corp, out of Albany, New York. The loan was granted and they received $110,000 to help grow their Sherman, New York business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
SHERMAN, NY 14781

SBA Loan Lender

NEW YORK BUSINESS DEVEL CORP
50 BEAVER STREET, P.O. BOX 73
ALBANY, NY 12201

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

10/25/2006

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

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 only one employee. The loan application indicated that the loan would help generate 2 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. New York Business Devel Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, New York Business Devel Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Getting a Small Business Loan

Banks in Albany, New York

New York SBA 7A Lenders