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April 28, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Knoxville, Business Loans > Community So. Bank D.B.A Commun Knoxville Business Loans > Midwest Hospitality, Inc. Loan | ||||
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Best Banks for Franchise Loans in Illinois
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Macomb, IL Entrepreneur Gets SBA Loan to Buy Econo Lodge Motel FranchiseBorrowing money to purchase an Econo Lodge Motel franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA. If you live near Macomb, Illinois and are interested in buying an Econo Lodge Motel franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Community So. Bank D.B.A Commun. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower MIDWEST HOSPITALITY, INC. SBA Loan Lender COMMUNITY SO. BANK D.B.A COMMUN 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 small business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7011 - Hotels and Motels NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 10/27/2004 Loan Approval Gross Amount $675,000 Loan Approval from the SBA Of the total $675,000 loan amount, the SBA guaranteed $506,250. 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 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community So. Bank D.B.A Commun had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community So. Bank D.B.A Commun 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: Who Lends Money to Small Businesses in Knoxville, Tennessee Getting an SBA Loan in Tennessee
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