Maryland Entrepreneur Secures Financing to Buy Microtel Franchise

Need money to purchase a Microtel franchise? Wachovia Sba Lending, Inc. has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Microtel franchise? If so, here's a 2000 SBA franchise loan that you should know about. Wachovia Sba Lending, Inc. was the lender and the entrepreneur was based in Salisbury, Maryland.

SBA Loan Borrower

MICROTEL INN & SUITES
SALISBURY, MD 21804

SBA Loan Lender

WACHOVIA SBA LENDING, INC.
1620 E. ROSEVILLE PKWY, STE 1
ROSEVILLE, CA 95661

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

11/6/2000

Loan Approval Gross Amount

$1,699,000

Loan Approval from the SBA

Of the total $1,699,000 loan amount, the SBA guaranteed $768,627.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Microtel franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the funding would help generate 9 new jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $1,699,000. How would you spend $1,699,000 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.

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