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April 16, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > St. Louis, Business Loans > Ge Cap. Small Business Finan Corp St. Louis Business Loans > Hampton Inn Loan | ||||
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Illinois Small Business Funding for Franchises
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Illinois Entrepreneur Secures Financing to Buy Hampton Inns FranchiseNeed a loan to invest in a Hampton Inns franchise? Ge Cap. Small Business Finan Corp has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Hampton Inns franchise? If so, here's a 2000 SBA franchise loan that you should know about. Ge Cap. Small Business Finan Corp was the lender and the entrepreneur was based in Bourbonnais, Illinois. SBA Loan Borrower HAMPTON INN SBA Loan Lender GE CAP. SMALL BUSINESS FINAN CORP 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 NAICS Code 721110 - Hotels and Motels Loan Approval Date 3/29/2000 Loan Approval Gross Amount $1,000,000 Loan Approval from the SBA Of the total $1,000,000 loan amount, the SBA guaranteed $750,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Hampton Inns franchise. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower indicated that the loan would help retain 20 existing jobs. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Hampton Inn/Hampton Inn & Suites Obtaining Funding - How to Borrow Money Good Banks for Small Business in St. Louis, Missouri Browse All Business Loan Sources for Missouri
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