Ohio Entrepreneur Secures Financing to Buy Super 8 Motel Franchise

Borrowing money to buy a Super 8 Motel franchise? The Huntington National Bank has a history of making these loans and they are guaranteed by the SBA.

Super 8 Motel franchise loans are available to Cambridge, Ohio entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, The Huntington National Bank, based in Columbus, Ohio, issued an SBA franchise loan for a Super 8 Motel franchise in 2007. We've got all the details on this Ohio small business loan.

SBA Loan Borrower

NANDINI, LLC
Cambridge, OH 43725

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
7 EASTON OVAL
COLUMBUS, OH 43219

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/10/2007

Loan Approval Gross Amount

$1,400,000

Loan Approval from the SBA

Of the total $1,400,000 loan amount, the SBA guaranteed $1,050,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 13 employees. The loan application indicated that the loan would help retain 6 existing jobs.

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

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to borrow money from friends and family, 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.

Related Links:

Super 8 Motels, Inc.

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SBA Approved Banks in Columbus, Ohio

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