Commerce Bank Provides SBA Loan to Buy Super 8 Motel Franchise

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

Super 8 Motel franchise loans are available to Cherry Hill, New Jersey entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Commerce Bank, based in Philadelphia, Pennsylvania, issued an SBA franchise loan for a Super 8 Motel franchise in 2001. We've got all the details on this New Jersey small business loan.

SBA Loan Borrower

HILLSIDE INN
CHERRY HILL, NJ 08002

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

12/28/2001

Loan Approval Gross Amount

$1,900,000

Loan Approval from the SBA

Of the total $1,900,000 loan amount, the SBA guaranteed $999,990.

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 only one employee. The SBA loan documents indicated that the loan would help generate 8 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Commerce 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:

Super 8 Motels, Inc.

Angel Investors

Where to Get an SBA Loan in Philadelphia, Pennsylvania

SBA Lenders in Pennsylvania