Anaheim, CA Entrepreneur Gets SBA Loan to Buy Econo Lodge Motel Franchise

Borrowing money to purchase an Econo Lodge Motel franchise? Hanmi Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Anaheim, California needed money to invest in an Econo Lodge Motel franchise back in 2000. Hanmi Bank issued an SBA franchise loan. Here are the details on this California small business loan.

SBA Loan Borrower

ECONO LODGE ANAHEIM NORTH
ANAHEIM, CA 92801

SBA Loan Lender

HANMI BANK
933 S VERMONT AVE
LOS ANGELES, CA 90006

This debt financing was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA provides a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/16/2000

Loan Approval Gross Amount

$1,770,000

Loan Approval from the SBA

Of the total $1,770,000 loan amount, the SBA guaranteed $660,812.

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 8 employees. The loan application did not indicate that the company planned to use the money to add employees or retain any existing employees.

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.

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:

Econo Lodges of America, Inc.

Raising Venture Capital

SBA 7A Banks in Los Angeles, California

California SBA 7A Lenders