Where to Get Capital for Full-Service Restaurants

With these small business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $1,300,000 was given to a Minnesota entrepreneur in 2002.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Anchor Bank, out of Wayzata, Minnesota. The loan was granted and they received $1,300,000 to help grow their Woodbury, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
WOODBURY, MN 55125

SBA Loan Lender

ANCHOR BANK
1055 E WAYZATA BLVD EAST
WAYZATA, MN 55391

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/25/2002

Loan Approval Gross Amount

$1,300,000

Loan Approval from the SBA

Of the total $1,300,000 loan amount, the SBA guaranteed $975,000.

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 only one employee. The SBA loan application for the borrower indicated that the borrowed money would help create 70 new jobs.

Getting an SBA Loan For Your Business

If you need money to start business in Woodbury MN, you ought to talk with a local Woodbury SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Woodbury businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,300,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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