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November 21, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Richmond, Business Loans > Business Loan Center, LLC Richmond Business Loans > Econolodge Bedford Loan | ||||
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Pennsylvania Small Business Funding for Franchises
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Bedford, PA Entrepreneur Gets SBA Loan to Buy Econo Lodge Motel FranchiseBorrowing money to invest in an Econo Lodge Motel franchise? Business Loan Center, LLC has a history of making these loans and they are guaranteed by the SBA. Econo Lodge Motel franchise loans are available to Bedford, Pennsylvania entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Business Loan Center, LLC, based in Richmond, Virginia, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2003. We've got all the details on this Pennsylvania small business loan. SBA Loan Borrower ECONOLODGE BEDFORD SBA Loan Lender BUSINESS LOAN CENTER, LLC 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 1/9/2003 Loan Approval Gross Amount $675,000 Loan Approval from the SBA Of the total $675,000 loan amount, the SBA guaranteed $506,250. 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 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs. Start the Process for Getting an SBA Loan Today! 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: Obtaining Funding - Getting Venture Capital Best Banks in Richmond, Virginia
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