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May 5, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elizabethton, Business Loans > Citizens Bank Elizabethton Business Loans > Motel 6 Loan | ||||
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Where to Get a Bank Loan to Purchase a Franchise
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Carbondale, IL Entrepreneur Gets SBA Loan to Buy Motel 6 FranchiseNeed money to invest in a Motel 6 franchise? Citizens Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Motel 6 franchise? If so, here's a 2003 SBA franchise loan that you should know about. Citizens Bank was the lender and the entrepreneur was based in Carbondale, Illinois. SBA Loan Borrower MOTEL 6 SBA Loan Lender CITIZENS BANK This bank loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA delivers a quick answer on whether the loan qualifies. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7011 - Hotels and Motels NAICS Code 721110 - Hotels and Motels Loan Approval Date 7/16/2003 Loan Approval Gross Amount $790,000 Loan Approval from the SBA Of the total $790,000 loan amount, the SBA guaranteed $592,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Motel 6 franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Many small businesses receive loans backed by the U.S. Small Business Administration. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Small Business Banks in Elizabethton, Tennessee
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