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November 23, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Clinton, Business Loans > Unity Bank Clinton Business Loans > Super 8 Motel Loan | ||||
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How to Get SBA Loans in Big Rapids, Michigan
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Big Rapids, MI Entrepreneur Gets SBA Loan to Buy Super 8 Motel FranchiseNeed money to buy a Super 8 Motel franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Big Rapids, Michigan needed money to invest in a Super 8 Motel franchise back in 2004. Unity Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan. SBA Loan Borrower SUPER 8 MOTEL SBA Loan Lender UNITY BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 8/4/2004 Loan Approval Gross Amount $875,000 Loan Approval from the SBA Of the total $875,000 loan amount, the SBA guaranteed $656,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Unity Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Good Banks for Small Business in Clinton, New Jersey
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