Minnesota Entrepreneur Secures Financing to Buy Super 8 Motel Franchise

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

Getting money to buy a Super 8 Motel franchise requires some effort but others before you have been successful. In 2001, Kleinbank issued an SBA franchise loan to an entrepreneur in Austin, Minnesota. Because Super 8 Motel was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

PINAL HOSPITATILITY LLC
AUSTIN, MN 55912

SBA Loan Lender

KLEINBANK
800 FAXON RD
NORWOOD YOUNG AMERICA, MN 55368

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

11/30/2001

Loan Approval Gross Amount

$787,000

Loan Approval from the SBA

Of the total $787,000 loan amount, the SBA guaranteed $590,250.

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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $787,000. How would you spend $787,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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Best Banks for Small Business in Norwood Young America, Minnesota

Find an SBA Lender in Minnesota