Catawba, VA Entrepreneur Gets SBA Loan to Buy Best Inn Civic Center Franchise

Need money to buy a Best Inn Civic Center franchise? Business Loan Center, LLC has a history of making these loans and they are guaranteed by the SBA.

Best Inn Civic Center franchise loans are available to Catawba, Virginia 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 a Best Inn Civic Center franchise in 2002. We've got all the details on this Virginia small business loan.

SBA Loan Borrower

BEST INN CIVIC CENTER
CATAWBA, VA 24016

SBA Loan Lender

BUSINESS LOAN CENTER, LLC
3900 WESTERRE PARKWAY, SUITE
RICHMOND, VA 23233

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/18/2002

Loan Approval Gross Amount

$1,570,000

Loan Approval from the SBA

Of the total $1,570,000 loan amount, the SBA guaranteed $999,995.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Best Inn Civic Center franchise. At the time of the loan, the company had 12 employees. This SBA loan request indicated that the loan would help generate 6 new jobs and retain 12 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

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