Loan to Buy Comfort Inn Franchise Issued By Amcore Bank

Borrowing money to purchase a Comfort Inn franchise? Amcore Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Comfort Inn franchise may simply require a phone call to a local SBA banker. In 2000, Amcore Bank issued an SBA franchise loan to an entrepreneur in Reedsburg, Wisconsin. Because Comfort Inn was registered with the SBA's registry of franchises, this Wisconsin small business loan was issued on an expedited basis.

SBA Loan Borrower

COMFORT INN
REEDSBURG, WI 53959

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

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.

SIC Code

7011 - Hotels and Motels

Loan Approval Date

7/12/2000

Loan Approval Gross Amount

$693,000

Loan Approval from the SBA

Of the total $693,000 loan amount, the SBA guaranteed $519,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Comfort Inn franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the borrowed money would help generate 4 new 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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Amcore Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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