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May 11, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Maple Grove, Business Loans > Eagle Community Bank Maple Grove Business Loans > Eating Places Loan | ||||
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Small Business Loans for Full-Service RestaurantsLooking for small business loans for full-service restaurants? Try the SBA. This $70,000 full-service restaurants loan was issued by a Minnesota bank. This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Eagle Community Bank, out of Maple Grove, Minnesota. The loan was granted and they received $70,000 to help grow their Maple Grove, Minnesota business. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender EAGLE COMMUNITY BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. 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. Currently, $100,000 is the maximum loan amount. 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 1/27/2004 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. 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 28 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Remember, you 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Raising VC Money for Social Networking Companies Find an SBA Lender in Maple Grove, Minnesota SBA Participating Banks in Minnesota
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