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April 27, 2024 |
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| Home > Small Business Lenders by State > Arizona Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > Eating Places Loan | ||||
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Requirements for Small Businesses On Getting a Loan
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Borrowing Money for Limited-Service RestaurantsWith these bank loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $370,600 was given to an Arizona entrepreneur in 2002. This small firm knew how to go about getting a business bank loan. Based in Scottsdale, Arizona, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Wells Fargo Bank, based in San Jose, California. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender WELLS FARGO BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 7/11/2002 Loan Approval Gross Amount $370,600 Loan Approval from the SBA Of the total $370,600 loan amount, the SBA guaranteed $277,950. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 25 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Obtaining Funding - How to Decide How Much to Raise Good Banks for Small Business in San Jose, California
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