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 $190,000 was given to a Minnesota entrepreneur in 2007.

This small business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with North American Banking Company, out of Hastings, Minnesota. The loan was granted and they received $190,000 to help grow their St. Paul, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ST. PAUL, MN 55115

SBA Loan Lender

NORTH AMERICAN BANKING COMPANY
1620 S FRONTAGE RD
HASTINGS, MN 55033

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/29/2007

Loan Approval Gross Amount

$190,000

Loan Approval from the SBA

Of the total $190,000 loan amount, the SBA guaranteed $142,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

The Friends and Family Network

SBA Participating Banks in Hastings, Minnesota

SBA Participating Banks in Minnesota