Loan to Buy Motel 6 Franchise Issued By Unity Bank

Borrowing money to invest in a Motel 6 franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Augusta, Maine needed money to invest in a Motel 6 franchise back in 2007. Unity Bank issued an SBA franchise loan. Here are the details on this Maine small business loan.

SBA Loan Borrower

MAYS INVESTMENT CORP. D/B/A MOTEL 6
Augusta, ME 04330

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

12/18/2007

Loan Approval Gross Amount

$1,695,000

Loan Approval from the SBA

Of the total $1,695,000 loan amount, the SBA guaranteed $1,271,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Motel 6 franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great funding source

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Unity Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Unity Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

Related Links:

Motel 6 Operating L.P.

Accountant's Role in Securing Financing

SBA Banks in Clinton, New Jersey

Getting a Business Loan in New Jersey