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April 29, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Super 8 Motel Merced Loan | ||||
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Business Loans for Merced Small Businesses
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Borrow Money to Buy a Super 8 Motel FranchiseNeed a loan to invest in a Super 8 Motel franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Super 8 Motel franchise shouldn't be overly burdensome. In 2002, Bank Of America issued an SBA franchise loan to an entrepreneur in Merced, California. Because Super 8 Motel was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis. SBA Loan Borrower SUPER 8 MOTEL MERCED SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 721110 - Hotels and Motels Loan Approval Date 3/22/2002 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America 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. Related Links: Small Bank Loans in Charlotte, North Carolina
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