Loan to Buy Econo Lodge Motel Franchise Issued By Fidelity Bank

Need money to buy an Econo Lodge Motel franchise? Fidelity Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Econo Lodge Motel franchise? If so, here's a 2005 SBA franchise loan that you should know about. Fidelity Bank was the lender and the entrepreneur was based in Creedmoor, North Carolina.

SBA Loan Borrower

ECONOLODGE
CREEDMOOR, NC 27522

SBA Loan Lender

FIDELITY BANK
3500 HOLCOMB BRIDGE RD
NORCROSS, GA 30092

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

11/8/2005

Loan Approval Gross Amount

$1,110,000

Loan Approval from the SBA

Of the total $1,110,000 loan amount, the SBA guaranteed $534,687.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 9 employees. The loan application did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

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

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 funding source

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 $1,110,000 loan. Remember, if it to be, it is up to me!

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:

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