Borrow Money to Buy a Super 8 Motel Franchise

Need a loan to buy a Super 8 Motel franchise? Cornerstone Community Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Super 8 Motel franchise shouldn't be overly burdensome. In 2004, Cornerstone Community Bank issued an SBA franchise loan to an entrepreneur in Chattanooga, Tennessee. Because Super 8 Motel was registered with the SBA's registry of franchises, this Tennessee small business loan was issued on an expedited basis.

SBA Loan Borrower

SUPER 8 OF TIFTONIA
CHATTANOOGA, TN 37419

SBA Loan Lender

CORNERSTONE COMMUNITY BANK
6401 LEE HWY, STE B
CHATTANOOGA, TN 37421

This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/23/2004

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,000,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 11 employees. This SBA loan request indicated that the loan would help retain 11 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Super 8 Motels, Inc.

Investor Turnoffs

Banks in Chattanooga, Tennessee

SBA Lenders in Tennessee