Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Lompoc, California Bank for SBA Loans

 

 
Loan Census SBA Loan Info

Borrow Money to Buy a Best Western Inn Franchise

Need a loan to buy a Best Western Inn franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Best Western Inn franchise may simply require a phone call to a local SBA banker. In 2002, Comerica Bank issued an SBA franchise loan to an entrepreneur in Lompoc, California. Because Best Western Inn was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.

SBA Loan Borrower

BEST WESTERN O'CAIRNS INN
LOMPOC, CA 93436

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/20/2002

Loan Approval Gross Amount

$1,330,000

Loan Approval from the SBA

Of the total $1,330,000 loan amount, the SBA guaranteed $997,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Best Western Inn franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 7 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Comerica Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Comerica Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Best Western Inn

SBIR Funding

SBA Participating Banks in Dallas, Texas

Getting an SBA Loan in Texas