Ohio Entrepreneur Secures Financing to Buy Howard Johnson Franchise

Need money to invest in a Howard Johnson franchise? United Midwest Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Howard Johnson franchise shouldn't be too tough. In 2002, United Midwest Savings Bank issued an SBA franchise loan to an entrepreneur in Columbus, Ohio. Because Howard Johnson was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

HOWARD JOHNSON PLAZA HOTEL
COLUMBUS, OH 43232

SBA Loan Lender

UNITED MIDWEST SAVINGS BANK
101 S MAIN ST
DE GRAFF, OH 43318

At the time this loan was granted, the lender participated in the SBA's Certified Lenders Program (CLP). This program is designed to ensure fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

4/23/2002

Loan Approval Gross Amount

$1,333,333

Loan Approval from the SBA

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

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Howard Johnson franchise. At the time of the loan, the company had 31 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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