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November 15, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > New York, Business Loans > Newtek Small Business Finance Inc. New York Business Loans > Fairfield Inn By Marriott Loan | ||||
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Loans to Buy a Franchise in Pennsylvania
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Chambersburg, PA Entrepreneur Gets SBA Loan to Buy Fairfield Inn FranchiseNeed a loan to buy a Fairfield Inn franchise? Newtek Small Business Finance Inc. has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Chambersburg, Pennsylvania needed money to invest in a Fairfield Inn franchise back in 2000. Newtek Small Business Finance Inc. issued an SBA franchise loan. Here are the details on this Pennsylvania small business loan. SBA Loan Borrower FAIRFIELD INN BY MARRIOTT SBA Loan Lender NEWTEK SMALL BUSINESS FINANCE INC. This bank loan 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. SIC Code 7011 - Hotels and Motels NAICS Code 721110 - Hotels and Motels Loan Approval Date 3/8/2000 Loan Approval Gross Amount $1,500,000 Loan Approval from the SBA Of the total $1,500,000 loan amount, the SBA guaranteed $750,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Fairfield Inn franchise. At the time of the loan, the company had 20 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,500,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Determining Proper Capital Structure for a Business Best New York, New York Banks for Small Business
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