Loan to Buy Days Inn Franchise Issued By First Standard Bank

Borrowing money to buy a Days Inn franchise? First Standard Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Eveleth, Minnesota needed money to invest in a Days Inn franchise back in 2006. First Standard Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

DAYS INN EVELETH
Eveleth, MN 55732

SBA Loan Lender

FIRST STANDARD BANK
1000 WILSHIRE BLVD, STE 100
LOS ANGELES, CA 90017

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

9/29/2006

Loan Approval Gross Amount

$1,745,000

Loan Approval from the SBA

Of the total $1,745,000 loan amount, the SBA guaranteed $1,308,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Days Inn franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 25 new jobs and retain 1 existing job.

Getting an SBA Loan For Your 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.

We can help you find the best banks for small businesses in Eveleth 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:

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