Brattleboro, VT Entrepreneur Gets SBA Loan to Buy Super 8 Motel Franchise

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

Getting money to buy a Super 8 Motel franchise shouldn't be overly burdensome. In 2002, Northway Bank issued an SBA franchise loan to an entrepreneur in Brattleboro, Vermont. Because Super 8 Motel was registered with the SBA's registry of franchises, this Vermont small business loan was issued on an expedited basis.

SBA Loan Borrower

SUPER 8 MOTEL
BRATTLEBORO, VT 05301

SBA Loan Lender

NORTHWAY BANK
287 HIGHLAND ST
PLYMOUTH, NH 03264

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA 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

2/7/2002

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

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 12 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Super 8 Motels, Inc.

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