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 $555,000 was given to a South Carolina entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lexington, South Carolina was able to borrow $555,000 from Comerica Bank. The SBA made the loan possible by guaranteeing $416,250 of this South Carolina small business loan.

SBA Loan Borrower

BAJA BROILER
138 HARBOR GLEN DRIVE
LEXINGTON, SC 29072

SBA Loan Lender

COMERICA BANK
300 W 6TH ST, STE 1300
AUSTIN, TX 78701

This lender issued this loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/17/2002

Loan Approval Gross Amount

$555,000

Loan Approval from the SBA

Of the total $555,000 loan amount, the SBA guaranteed $416,250.

More Information on This SBA Loan

The borrower, Baja Broiler, borrowed this money for a new business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees. This loan was paid in full, and was closed out on 10/3/2007.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as Baja Broiler walked into Comerica Bank and applied for an SBA loan, you have to do the same thing. The sooner you start, the faster you'll get the money!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Advice on Getting a Small Business Loan

Find an SBA Lender in Austin, Texas

Getting an SBA Loan in Texas

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