Limited-Service Restaurants Commercial Loans

With these commercial loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $80,000 was given to a Florida entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Venice, Florida was able to borrow $80,000 from Colonial Bank. The SBA made the loan possible by guaranteeing $68,000 of this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
VENICE, FL 34293

SBA Loan Lender

COLONIAL BANK
160 POINTE LOOP DR
VENICE, FL 34293

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/19/2001

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Obtaining Funding - How to Borrow Money

Small Business Banks in Venice, Florida

Find an SBA Lender in Florida