Limited-Service Restaurants Small Business Loans

Looking for small business loans for limited-service restaurants? The SBA may be the answer. This $408,505 limited-service restaurants loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Detroit Lakes, Minnesota was able to borrow $408,505 from Midwest Bank. The SBA made the loan possible by guaranteeing $306,379 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
DETROIT LAKES, MN 56502

SBA Loan Lender

MIDWEST BANK
613 HWY 10 EAST
DETROIT LAKES, MN 56502

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/7/2006

Loan Approval Gross Amount

$408,505

Loan Approval from the SBA

Of the total $408,505 loan amount, the SBA guaranteed $306,379.

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 36 employees. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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SBA Participating Banks in Detroit Lakes, Minnesota

Minnesota SBA Bank Lenders