Loan to Buy Econo Lodge Motel Franchise Issued By Colony Bank Southeast

Borrowing money to buy an Econo Lodge Motel franchise? Colony Bank Southeast has a history of making these loans and they are guaranteed by the SBA.

Econo Lodge Motel franchise loans are available to Lithonia, Georgia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Colony Bank Southeast, based in Douglas, Georgia, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2006. We've got all the details on this Georgia small business loan.

SBA Loan Borrower

ECONOLODGE
LITHONIA, GA 30038

SBA Loan Lender

COLONY BANK SOUTHEAST
625 W WARD ST
DOUGLAS, GA 31533

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

3/1/2006

Loan Approval Gross Amount

$1,130,600

Loan Approval from the SBA

Of the total $1,130,600 loan amount, the SBA guaranteed $847,950.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

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

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,130,600 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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