Full-Service Restaurants Small Business Loans

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 $42,000 was given to a New York entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Whitehall, New York was able to borrow $42,000 from Bank Of America. The SBA made the loan possible by guaranteeing $21,000 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
WHITEHALL, NY 12887

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/22/2002

Loan Approval Gross Amount

$42,000

Loan Approval from the SBA

Of the total $42,000 loan amount, the SBA guaranteed $21,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 16 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 16 existing jobs.

Next Steps for Getting an SBA Loan

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

This SBA loan was for $42,000. How would you spend $42,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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