Limited-Service Restaurants Small Business Loans

With these small business loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $1,422,500 was given to a California entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Venice, California, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Mirae Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
VENICE, CA 90291

SBA Loan Lender

MIRAE BANK
3255 WILSHIRE BLVD, STE 1100
LOS ANGELES, CA 90010

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the 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

8/30/2004

Loan Approval Gross Amount

$1,422,500

Loan Approval from the SBA

Of the total $1,422,500 loan amount, the SBA guaranteed $1,066,875.

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 30 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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The Art of Bootstrapping

SBA 7A Banks in Los Angeles, California

SBA Lenders in California