Cedaredge, CO Entrepreneur Gets SBA Loan to Buy Super 8 Motel Franchise

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

Want to borrow money to buy a Super 8 Motel franchise? If so, here's a 2001 SBA franchise loan that you should know about. First State Bank Of Hotchkiss was the lender and the entrepreneur was based in Cedaredge, Colorado.

SBA Loan Borrower

HOWARD JOHNSON EXPRESS INN @ C
CEDAREDGE, CO 81413

SBA Loan Lender

FIRST STATE BANK OF HOTCHKISS
102 E BRIDGE ST
HOTCHKISS, CO 81419

This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

11/8/2001

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 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 loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First State Bank Of Hotchkiss are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

How Much Venture Capital Is There?

SBA Approved Banks in Hotchkiss, Colorado

Colorado SBA Bank Lenders