Clinton, MS Entrepreneur Gets SBA Loan to Buy Comfort Inn Franchise

Need a loan to purchase a Comfort Inn franchise? Citizens Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Comfort Inn franchise shouldn't be overly burdensome. In 2002, Citizens Bank issued an SBA franchise loan to an entrepreneur in Clinton, Mississippi. Because Comfort Inn was registered with the SBA's registry of franchises, this Mississippi small business loan was issued on an expedited basis.

SBA Loan Borrower

COMFORT INN
CLINTON, MS 39056

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0711 - Soil Preparation Services

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/10/2002

Loan Approval Gross Amount

$1,333,000

Loan Approval from the SBA

Of the total $1,333,000 loan amount, the SBA guaranteed $999,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Comfort Inn franchise. At the time of the loan, the company had 9 employees. This SBA loan request did not indicate that the small business promised to use the money to add employees or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Obtaining Funding - Friends and Family

Where to Get an SBA Loan in Elizabethton, Tennessee

Tennessee SBA 7A Lenders