Loan to Buy Super 8 Motel Franchise Issued By Comerica Bank

Need money to buy a Super 8 Motel franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Asheville, North Carolina needed money to invest in a Super 8 Motel franchise back in 2004. Comerica Bank issued an SBA franchise loan. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

SUPER 8 MOTELS
ASHEVILLE, NC 28805

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/23/2004

Loan Approval Gross Amount

$1,878,500

Loan Approval from the SBA

Of the total $1,878,500 loan amount, the SBA guaranteed $1,408,875.

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 15 employees. This SBA loan request indicated that the loan would help generate 15 new jobs and retain 15 existing jobs.

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.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer 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:

Super 8 Motels, Inc.

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