North Carolina Entrepreneur Secures Financing to Buy Choice Hotels International Inc. Franchise

Borrowing money to purchase a Choice Hotels International Inc. franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Kannapolis, North Carolina needed money to invest in a Choice Hotels International Inc. franchise back in 2005. Community So. Bank D.B.A Commun issued an SBA franchise loan. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

ECONO LODGE
KANNAPOLIS, NC 28087

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/3/2005

Loan Approval Gross Amount

$1,379,000

Loan Approval from the SBA

Of the total $1,379,000 loan amount, the SBA guaranteed $1,034,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Choice Hotels International Inc. franchise. At the time of the loan, the company had 12 employees. This SBA loan request indicated that the loan would help retain 12 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community So. Bank D.B.A Commun that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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