Cullman, AL Entrepreneur Gets SBA Loan to Buy Choice Hotels International Inc. Franchise

Need money to buy a Choice Hotels International Inc. franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA.

If you live near Cullman, Alabama and are interested in buying a Choice Hotels International Inc. franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Community So. Bank D.B.A Commun. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SLEEP INN
CULLMAN, AL 35058

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/19/2005

Loan Approval Gross Amount

$1,845,000

Loan Approval from the SBA

Of the total $1,845,000 loan amount, the SBA guaranteed $1,383,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Choice Hotels International Inc. franchise. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 13 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Cullman or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Choice Hotels International, Inc.

Choice Hotels

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