Loan to Buy Super 8 Motel Franchise Issued By First State Bank Of Hotchkiss

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

Super 8 Motel franchise loans are available to Craig, Colorado entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First State Bank Of Hotchkiss, based in Hotchkiss, Colorado, issued an SBA franchise loan for a Super 8 Motel franchise in 2004. We've got all the details on this Colorado small business loan.

SBA Loan Borrower

CRAIG SUPER 8 MOTEL
CRAIG, CO 81625

SBA Loan Lender

FIRST STATE BANK OF HOTCHKISS
102 E BRIDGE ST
HOTCHKISS, CO 81419

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

10/25/2004

Loan Approval Gross Amount

$1,563,000

Loan Approval from the SBA

Of the total $1,563,000 loan amount, the SBA guaranteed $984,690.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 12 employees. The loan application indicated that the loan would help retain 7 existing jobs.

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

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,563,000 loan. Remember, where there is a will, there is a way!

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.

Microlending as a Small Business Funding Source

SBA 7A Lenders in Hotchkiss, Colorado

SBA Participating Banks in Colorado