Borrowing Money for Limited-Service Restaurants

Looking for bank loans for limited-service restaurants? The SBA may be the answer. This $130,000 limited-service restaurants loan was issued by an Illinois bank.

This small firm knew how to go about getting a business bank loan. Based in Champaign, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Heartland Bank & Trust, based in Bloomington, Illinois.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Champaign, IL 61821

SBA Loan Lender

HEARTLAND BANK & TRUST
401 N HERSHEY RD
BLOOMINGTON, IL 61704

The lender provided this loan for a small business through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

5/22/2006

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $65,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 no employees. The loan application indicated that the loan would help generate 7 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source

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 $130,000 loan. Remember, where there is a will, there is a way!

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:

Small Business Loan

Where to Get an SBA Loan in Bloomington, Illinois

Where to Get an SBA Loan Illinois