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April 27, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Hanmi Bank Los Angeles Business Loans > Comfort Inn Riverside Loan | ||||
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Tips for Borrowing Money to Buy a Franchise
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Riverside, CA Entrepreneur Gets SBA Loan to Buy Comfort Inn FranchiseBorrowing money to purchase a Comfort Inn franchise? Hanmi 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 2001, Hanmi Bank issued an SBA franchise loan to an entrepreneur in Riverside, California. Because Comfort Inn was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis. SBA Loan Borrower COMFORT INN RIVERSIDE SBA Loan Lender HANMI BANK This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 8/22/2001 Loan Approval Gross Amount $1,300,000 Loan Approval from the SBA Of the total $1,300,000 loan amount, the SBA guaranteed $975,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Comfort Inn franchise. At the time of the loan, the company had 22 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. This SBA loan was for $1,300,000. How would you spend $1,300,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Best Banks for Small Business in Los Angeles, California SBA Participating Banks in California
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