Farmer City, IL Entrepreneur Gets SBA Loan to Buy Days Inn Franchise

Need a loan to invest in a Days Inn franchise? American Enterprise Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Days Inn franchise? If so, here's a 2006 SBA franchise loan that you should know about. American Enterprise Bank was the lender and the entrepreneur was based in Farmer City, Illinois.

SBA Loan Borrower

ALOK HOSPITALITY, LLC.
FARMER CITY, IL 61842

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/25/2006

Loan Approval Gross Amount

$1,345,000

Loan Approval from the SBA

Of the total $1,345,000 loan amount, the SBA guaranteed $1,008,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Days Inn franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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.

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