Dry Ridge, KY Entrepreneur Gets SBA Loan to Buy Microtel Franchise

Need money to purchase a Microtel franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Dry Ridge, Kentucky needed money to invest in a Microtel franchise back in 2007. Stearns Bank issued an SBA franchise loan. Here are the details on this Kentucky small business loan.

SBA Loan Borrower

MICROTEL INN & SUITES
DRY RIDGE, KY 45103

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

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

1/5/2007

Loan Approval Gross Amount

$1,436,000

Loan Approval from the SBA

Of the total $1,436,000 loan amount, the SBA guaranteed $1,077,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Microtel franchise. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 5 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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