Small Business Loans for Full-Service Restaurants

With these small business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $93,500 was given to a Massachusetts entrepreneur in 2005.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Salem Five Cents Savings Bank, out of Salem, Massachusetts. The loan was granted and they received $93,500 to help grow their Melrose, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MELROSE, MA 02176

SBA Loan Lender

SALEM FIVE CENTS SAVINGS BANK
71 WASHINGTON ST
SALEM, MA 01970

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/10/2005

Loan Approval Gross Amount

$93,500

Loan Approval from the SBA

Of the total $93,500 loan amount, the SBA guaranteed $79,475.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the borrowed money would help create 12 new jobs.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $93,500 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

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SBA 7A Banks for Salem, Massachusetts Loans

Getting an SBA Loan in Massachusetts