Borrowing Money for Limited-Service Restaurants

Looking for loans for limited-service restaurants? The SBA may be the answer. This $186,000 limited-service restaurants loan was issued by an Iowa bank.

This small firm knew how to go about getting a business bank loan. Based in Waterloo, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Community National Bank, based in Waterloo, Iowa.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
WATERLOO, IA 50702

SBA Loan Lender

COMMUNITY NATIONAL BANK
422 COMMERCIAL ST
WATERLOO, IA 50701

This SBA loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

5/9/2006

Loan Approval Gross Amount

$186,000

Loan Approval from the SBA

Of the total $186,000 loan amount, the SBA guaranteed $93,000.

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 SBA loan application for the borrower indicated that the funding would help create 4 new jobs.

Next Steps for Getting an SBA Loan

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.

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 Community National 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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