Getting an SBA Loan for Full-Service Restaurants

With these business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $130,000 was given to a Virginia entrepreneur in 2002.

Getting a small business loan in Newport News, Virginia was important for Five By Five Cafe & Grille back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Old Point National Bank - Phoebus, operating out of Hampton, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

FIVE BY FIVE CAFE & GRILLE
12442 WARWICK BOULEVARD
NEWPORT NEWS, VA 23606

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
1 W MELLEN ST
HAMPTON, VA 23663

This bank 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

722110 - Full-Service Restaurants

Loan Approval Date

6/4/2002

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

More Information on This SBA Loan

The borrower, Five By Five Cafe & Grille, 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 10 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees. This loan was paid in full, and was closed out on 12/3/2003.

Start the Process for Getting an SBA Loan Today!

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

If Five By Five Cafe & Grille can get an SBA loan, there's no reason you can't get an SBA loan too. The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

About This SBA Loan Information:

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

Related Links:

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SBA Banks in Hampton, Virginia

SBA Lenders in Virginia

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