How to Get a Loan for Full-Service Restaurants
Looking for business loans for full-service restaurants? The SBA may be the answer. This $1,454,300 full-service restaurants loan was issued by a New York bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in South Gate, California was able to borrow $1,454,300 from Banco Popular North America. The SBA made the loan possible by guaranteeing $999,991 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
SOUTH GATE, CA 90280
SBA Loan Lender
BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
11/25/2003
Loan Approval Gross Amount
$1,454,300
Loan Approval from the SBA
Of the total $1,454,300 loan amount, the SBA guaranteed $999,991.
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 14 employees. The SBA loan application for the borrower indicated that the loan would help generate 30 new jobs and retain 44 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Banco Popular North America are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.
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:
How to Raise Money
SBA Approved Banks in New York City, New York
New York SBA 7A Lenders