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May 16, 2024 |
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| Home > Small Business Lenders by State > New Hampshire Business Loan Sources > Newburyport, Business Loans > Newburyport Five Cents Savings Newburyport Business Loans > Eating Places Loan | ||||
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SBA Lenders for North Hampton Businesses
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Getting an SBA Loan for Full-Service RestaurantsLooking for commercial loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $40,000 full-service restaurants loan was issued by a Massachusetts bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Hampton, New Hampshire was able to borrow $40,000 from Newburyport Five Cents Savings. The SBA made the loan possible by guaranteeing $32,000 of this New Hampshire small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender NEWBURYPORT FIVE CENTS SAVINGS This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. 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 11/24/2000 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $32,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. 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: SBA 7A Lenders in Newburyport, Massachusetts
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