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May 5, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Parsons, Business Loans > Community So. Bank D.B.A Commun Parsons Business Loans > Memphis Days Inn Loan | ||||
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How to Get SBA Loans in Memphis, Tennessee
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Loan to Buy Days Inn Franchise Issued By Community So. Bank D.B.A CommunBorrowing money to purchase a Days Inn franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Memphis, Tennessee needed money to invest in a Days Inn franchise back in 2006. Community So. Bank D.B.A Commun issued an SBA franchise loan. Here are the details on this Tennessee small business loan. SBA Loan Borrower MEMPHIS DAYS INN SBA Loan Lender COMMUNITY SO. BANK D.B.A COMMUN 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 6/16/2006 Loan Approval Gross Amount $1,472,000 Loan Approval from the SBA Of the total $1,472,000 loan amount, the SBA guaranteed $1,104,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Days Inn franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 4 existing jobs. Great, But How Can I Get an SBA Loan for My 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. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,472,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: SBA Participating Banks in Parsons, Tennessee
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