How to Get a Loan for Full-Service Restaurants

Looking for commercial loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $175,000 full-service restaurants loan was issued by a Virginia bank.

Getting a small business loan in Newport News, Virginia was important for The Tapas Lounge Inc back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Resource Bank, operating out of Virginia Beach, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

THE TAPAS LOUNGE INC
141 HERMAN MELVILLE AVE
NEWPORT NEWS, VA 23606

SBA Loan Lender

RESOURCE BANK
4429 BONNEY RD, STE 300
VIRGINIA BEACH, VA 23462

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/24/2003

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

More Information on This SBA Loan

The borrower, The Tapas Lounge Inc, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 1 existing job.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

We can help you find the best banks for small businesses in Newport News or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

About This SBA Loan Information:

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

Related Links:

Small Business Credit Cards

Best Banks in Virginia Beach, Virginia

Virginia SBA 7A Lenders

If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.