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May 3, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > New York, Business Loans > Newtek Small Business Finance Inc. New York Business Loans > Microtel Inn Loan | ||||
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Business Loans for Lake City Businesses
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Loan to Buy Microtel Franchise Issued By Newtek Small Business Finance Inc.Borrowing money to invest in a Microtel franchise? Newtek Small Business Finance Inc. has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Lake City, Florida needed money to invest in a Microtel franchise back in 2003. Newtek Small Business Finance Inc. issued an SBA franchise loan. Here are the details on this Florida small business loan. SBA Loan Borrower MICROTEL INN SBA Loan Lender NEWTEK SMALL BUSINESS FINANCE INC. This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 7/22/2003 Loan Approval Gross Amount $1,258,500 Loan Approval from the SBA Of the total $1,258,500 loan amount, the SBA guaranteed $943,875. 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 6 employees. The SBA loan documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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. Related Links: SBA Approved Banks in New York, New York
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