Financing for Full-Service Restaurants

Looking for commercial loans for full-service restaurants? Try the SBA. This $75,000 full-service restaurants loan was issued by an Alabama bank.

This business knew how to go about getting a business bank loan. Based in Sulligent, Alabama, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was First St. Bank - South Inc., based in Sulligent, Alabama.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SULLIGENT, AL 35586

SBA Loan Lender

FIRST ST. BANK - SOUTH INC.
5856 HWY 278
SULLIGENT, AL 35586

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/19/2001

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 12 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First St. Bank - South Inc. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First St. Bank - South Inc. 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:

Family and Friend Investors - Your First Financiers

SBA Participating Banks in Sulligent, Alabama

SBA Lenders in Alabama