Raising Money for Limited-Service Restaurants

With these bank loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $132,000 was given to a Washington entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Snohomish, Washington was able to borrow $132,000 from Saehan Bank. The SBA made the loan possible by guaranteeing $66,000 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Snohomish, WA 98290

SBA Loan Lender

SAEHAN BANK
3580 WILSHIRE BLVD, STE 1500
LOS ANGELES, CA 90010

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

5/3/2005

Loan Approval Gross Amount

$132,000

Loan Approval from the SBA

Of the total $132,000 loan amount, the SBA guaranteed $66,000.

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 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Snohomish WA, you ought to talk with a local Snohomish SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Snohomish businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Saehan Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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