Borrowing Money for Full-Service Restaurants

Looking for loans for full-service restaurants? Talk to a banker who works with the SBA. This $530,600 full-service restaurants loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Stillwater, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Park Midway Bank, based in Saint Paul, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
STILLWATER, MN 55082

SBA Loan Lender

PARK MIDWAY BANK
2300 COMO AVE
SAINT PAUL, MN 55108

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/26/2005

Loan Approval Gross Amount

$530,600

Loan Approval from the SBA

Of the total $530,600 loan amount, the SBA guaranteed $397,950.

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 only one employee. The SBA loan documents indicated that the loan would help generate 100 new jobs and retain 101 existing jobs.

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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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