Florida Entrepreneur Secures Financing to Buy Econo Lodge Motel Franchise

Need a loan to buy an Econo Lodge Motel franchise? First National Bank N.W. Florida has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Tallahassee, Florida needed money to invest in an Econo Lodge Motel franchise back in 2006. First National Bank N.W. Florida issued an SBA franchise loan. Here are the details on this Florida small business loan.

SBA Loan Borrower

ECONO LODGE
TALLAHASSEE, FL 32301

SBA Loan Lender

FIRST NATIONAL BANK N.W. FLORIDA
101 E 23RD ST
PANAMA CITY, FL 32405

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/10/2006

Loan Approval Gross Amount

$1,275,000

Loan Approval from the SBA

Of the total $1,275,000 loan amount, the SBA guaranteed $956,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First National Bank N.W. Florida are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Econo Lodges of America, Inc.

Obtaining Funding - Getting Venture Capital

SBA Banks in Panama City, Florida

SBA Florida Lenders