Bank Loans for Full-Service Restaurants
With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $105,000 was given to a Massachusetts entrepreneur in 2005.
Getting a small business loan in New Bedford, Massachusetts was important for this growing firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Millennium Bcpbank, operating out of Newark, New Jersey. Here are the details on this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
NEW BEDFORD, MA 02740
SBA Loan Lender
255 LAFAYETTE ST
NEWARK, NJ 07105
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
722110 - Full-Service Restaurants
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $105,000 loan amount, the SBA guaranteed $52,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 5 existing jobs.
Start the Process for Getting an SBA Loan Today!
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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.
Obtaining Funding From a Venture Capitalist
SBA 7A Banks for Newark, New Jersey Loans
Getting an SBA Loan in New Jersey