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May 2, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Howard Johnson Express Inn Loan | ||||
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How Much Does It Cost to Buy a Franchise in Williamsville, New York?
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New York Entrepreneur Secures Financing to Buy Howard Johnson FranchiseBorrowing money to buy a Howard Johnson franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Williamsville, New York needed money to invest in a Howard Johnson franchise back in 2001. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this New York small business loan. SBA Loan Borrower HOWARD JOHNSON EXPRESS INN SBA Loan Lender CIT SMALL BUSINESS LENDING CORP This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 8/22/2001 Loan Approval Gross Amount $1,690,000 Loan Approval from the SBA Of the total $1,690,000 loan amount, the SBA guaranteed $999,999. 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 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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. Realistic Debt Financing Options SBA Participating Banks in Livingston, New Jersey Getting an SBA Loan in New Jersey
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