Borrowing Money for Full-Service Restaurants

Looking for loans for full-service restaurants? Try the SBA. This $149,000 full-service restaurants loan was issued by an Iowa bank.

Getting a small business loan in Urbandale, Iowa was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Polk County Bank, operating out of Johnston, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
URBANDALE, IA 50322

SBA Loan Lender

POLK COUNTY BANK
5601 MERLE HAY RD
JOHNSTON, IA 50131

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.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/14/2003

Loan Approval Gross Amount

$149,000

Loan Approval from the SBA

Of the total $149,000 loan amount, the SBA guaranteed $126,650.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to borrow money from friends and family, 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.

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