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May 2, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Salt Lake City, Business Loans > Merrill Lynch Bank Usa Salt Lake City Business Loans > Howard Johnson Motor Lodge Loan | ||||
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Requirements for Borrowing Money to Buy a Franchise
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Merrill Lynch Bank Usa Provides SBA Loan to Buy Howard Johnson FranchiseNeed money to purchase a Howard Johnson franchise? Merrill Lynch Bank Usa has a history of making these loans and they are guaranteed by the SBA. If you live near Niagara Falls, New York and are interested in buying a Howard Johnson franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Merrill Lynch Bank Usa. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower HOWARD JOHNSON MOTOR LODGE SBA Loan Lender MERRILL LYNCH BANK USA 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 3/6/2002 Loan Approval Gross Amount $207,000 Loan Approval from the SBA Of the total $207,000 loan amount, the SBA guaranteed $155,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Howard Johnson franchise. At the time of the loan, the company had 26 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Howard Johnson International, Inc. Howard Johnson Franchise Canada Inc. Family and Friend Investors - Your First Financiers SBA Approved Banks in Salt Lake City, Utah
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