Financing for Full-Service Restaurants

Looking for commercial loans for full-service restaurants? The SBA may be the answer. This $462,000 full-service restaurants loan was issued by a California bank.

This small business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Innovative Bank, out of Oakland, California. The loan was granted and they received $462,000 to help grow their Stockton, California business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
STOCKTON, CA 95212

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

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

1/30/2006

Loan Approval Gross Amount

$462,000

Loan Approval from the SBA

Of the total $462,000 loan amount, the SBA guaranteed $346,500.

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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Business Incubators

Good Banks for Small Business in Oakland, California

SBA Participating Banks in California