Raising Money for Full-Service Restaurants

Looking for business loans for full-service restaurants? The SBA may be the answer. This $86,000 full-service restaurants loan was issued by a New York bank.

This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Wilber National Bank, out of Oneonta, New York. The loan was granted and they received $86,000 to help grow their Worcester, New York business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
WORCESTER, NY 12197

SBA Loan Lender

WILBER NATIONAL BANK
245 MAIN ST
ONEONTA, NY 13820

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/21/2000

Loan Approval Gross Amount

$86,000

Loan Approval from the SBA

Of the total $86,000 loan amount, the SBA guaranteed $68,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wilber National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Strategic Investors

Banks in Oneonta, New York

New York SBA Bank Lenders