Commerce Bank Provides SBA Loan to Buy Econo Lodge Motel Franchise

Need a loan to buy an Econo Lodge Motel franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

Econo Lodge Motel franchise loans are available to Johnstown, Pennsylvania entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Commerce Bank, based in Flemington, New Jersey, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2004. We've got all the details on this Pennsylvania small business loan.

SBA Loan Borrower

ECONO LODGE MOTEL
JOHNSTOWN, PA 15901

SBA Loan Lender

COMMERCE BANK
1 ROYAL RD
FLEMINGTON, NJ 08822

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses.

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

8/30/2004

Loan Approval Gross Amount

$1,150,000

Loan Approval from the SBA

Of the total $1,150,000 loan amount, the SBA guaranteed $862,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $1,150,000. How would you spend $1,150,000 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:

Econo Lodges of America, Inc.

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