Financing for Full-Service Restaurants

Looking for loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $82,500 full-service restaurants loan was issued by a Texas bank.

This company knew how to go about getting a business bank loan. Based in Waco, Texas, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was 1st National Bank - Mcgregor, based in Mcgregor, Texas.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
WACO, TX 76702

SBA Loan Lender

1ST NATIONAL BANK - MCGREGOR
401 S MAIN ST
MCGREGOR, TX 76657

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/14/2005

Loan Approval Gross Amount

$82,500

Loan Approval from the SBA

Of the total $82,500 loan amount, the SBA guaranteed $61,875.

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 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Business Credit Evaluation

Find an SBA Lender in Mcgregor, Texas

Texas SBA 7A Lenders