How to Get a Loan for Full-Service Restaurants

With these SBA loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $400,000 was given to a Washington entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Vancouver, Washington, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Hanmi Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
VANCOUVER, WA 98664

SBA Loan Lender

HANMI BANK
3660 WILSHIRE BLVD, STE 103
LOS ANGELES, CA 90010

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

8/13/2002

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 12 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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.

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How to Get a Loan for Full-Service Restaurants