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December 22, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > San Jose, Business Loans > Heritage Bank Of Commerce San Jose Business Loans > Howard Johnson Express Inn Loan | ||||
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Corte Madera, California Bank Loan
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Heritage Bank Of Commerce Provides SBA Loan to Buy Howard Johnson FranchiseBorrowing money to invest in a Howard Johnson franchise? Heritage Bank Of Commerce has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Howard Johnson franchise? If so, here's a 2002 SBA franchise loan that you should know about. Heritage Bank Of Commerce was the lender and the entrepreneur was based in Corte Madera, California. SBA Loan Borrower HOWARD JOHNSON EXPRESS INN SBA Loan Lender HERITAGE BANK OF COMMERCE Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 1/11/2002 Loan Approval Gross Amount $1,400,000 Loan Approval from the SBA Of the total $1,400,000 loan amount, the SBA guaranteed $999,992. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Howard Johnson franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Howard Johnson International, Inc. Howard Johnson Franchise Canada Inc. Obtaining Funding - How to Decide How Much to Raise SBA Approved Banks in San Jose, California
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