Raising Money for Caterers

With these business loans for caterers, the SBA guarantees the lender that the loan will be repaid. This caterers loan for $60,000 was given to a Florida entrepreneur in 2003.

Sushi Runner Corporation received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Banco Popular, out of Orlando, Florida. The loan was granted and they received $60,000 to help grow their Miami, Florida business.

SBA Loan Borrower

SUSHI RUNNER CORPORATION
4715 NW 79 AVENUE
MIAMI, FL 33166

SBA Loan Lender

BANCO POPULAR
8523 COMMODITY CIR
ORLANDO, FL 32819

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722320 - Caterers

Loan Approval Date

3/19/2003

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

More Information on This SBA Loan

The borrower, Sushi Runner Corporation, borrowed this money for an existing 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 9 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 7/1/2005.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Sushi Runner Corporation walked into Banco Popular 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:

504 Loans

SBA Approved Banks in Orlando, Florida

Florida SBA 7A Lenders

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