Borrowing Money for Limited-Service Restaurants

With these small business loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $190,000 was given to an Iowa entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in West Des Moines, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Iowa St. Bank & Trust, based in Iowa City, Iowa.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
WEST DES MOINES, IA 50266

SBA Loan Lender

IOWA ST. BANK & TRUST
102 S CLINTON ST
IOWA CITY, IA 52240

This bank 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

1/16/2004

Loan Approval Gross Amount

$190,000

Loan Approval from the SBA

Of the total $190,000 loan amount, the SBA guaranteed $95,000.

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 3 employees. The loan application indicated that the loan would help create 25 new jobs.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Iowa St. Bank & Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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SBA Participating Banks in Iowa City, Iowa

Iowa SBA Bank Lenders