Getting an SBA Loan for Limited-Service Restaurants

With these business loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $112,500 was given to a California entrepreneur in 2006.

This business knew how to go about getting a business bank loan. Based in West Covina, California, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Hanmi Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
West Covina, CA 91790

SBA Loan Lender

HANMI BANK
3245 WILSHIRE BLVD
LOS ANGELES, CA 90010

This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

4/26/2006

Loan Approval Gross Amount

$112,500

Loan Approval from the SBA

Of the total $112,500 loan amount, the SBA guaranteed $56,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan documents indicated that the loan would help retain 6 existing jobs.

Next Steps for Getting an SBA Loan

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $112,500 loan. Remember, things become real when you believe you can achieve them!

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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