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May 2, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Chattanooga, Business Loans > Cornerstone Community Bank Chattanooga Business Loans > Mainstay Suites Partners Loan | ||||
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Where to Get a Small Business Loan to Purchase a Franchise
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Cornerstone Community Bank Provides SBA Loan to Buy Mainstay Suites FranchiseBorrowing money to invest in a Mainstay Suites franchise? Cornerstone Community Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Chattanooga, Tennessee needed money to invest in a Mainstay Suites franchise back in 2002. Cornerstone Community Bank issued an SBA franchise loan. Here are the details on this Tennessee small business loan. SBA Loan Borrower MAINSTAY SUITES PARTNERS SBA Loan Lender CORNERSTONE COMMUNITY BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program. 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 8/29/2002 Loan Approval Gross Amount $1,330,000 Loan Approval from the SBA Of the total $1,330,000 loan amount, the SBA guaranteed $997,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Mainstay Suites franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Borrowing Money from Friends and Family Best Chattanooga, Tennessee Banks for Small Business
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