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May 13, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Lyons, Business Loans > The Lyons National Bank Lyons Business Loans > Eating Places Loan | ||||
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Tips for Business Owners On Getting a Loan
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Raising Money for Limited-Service RestaurantsLooking for business loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $83,500 limited-service restaurants loan was issued by a New York bank. This small business knew how to go about getting a business bank loan. Based in Alton, New York, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was The Lyons National Bank, based in Lyons, New York. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender THE LYONS NATIONAL BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 11/1/2001 Loan Approval Gross Amount $83,500 Loan Approval from the SBA Of the total $83,500 loan amount, the SBA guaranteed $70,975. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Lyons National Bank and they will explain how you can get an SBA loan for your company. 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: Determining Proper Capital Structure for a Business SBA Approved Banks in Lyons, New York Getting an SBA Loan in New York
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