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May 4, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Eating Places Loan | ||||
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Saint Paul, Minnesota Bank for SBA Loans
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Borrowing Money for Full-Service RestaurantsLooking for small business loans for full-service restaurants? Try the SBA. This $150,000 full-service restaurants loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Saint Paul, Minnesota was able to borrow $150,000 from Park Midway Bank. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender PARK MIDWAY BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring 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 2/28/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 100 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Park Midway Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Park Midway Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: How Much Venture Capital Is There? Banks in Saint Paul, Minnesota Getting a Business Loan in Minnesota
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