Foley, AL Entrepreneur Gets SBA Loan to Buy Key West Inn Franchise

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

Getting money to buy a Key West Inn franchise shouldn't be overly burdensome. In 2002, Citizens Bank issued an SBA franchise loan to an entrepreneur in Foley, Alabama. Because Key West Inn was registered with the SBA's registry of franchises, this Alabama small business loan was issued on an expedited basis.

SBA Loan Borrower

KEY WEST INN
FOLEY, AL 36535

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

This loan for a small business was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending track record and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/16/2002

Loan Approval Gross Amount

$1,130,000

Loan Approval from the SBA

Of the total $1,130,000 loan amount, the SBA guaranteed $847,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Key West Inn franchise. At the time of the loan, the company had 20 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Citizens Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Obtaining Funding - Friends and Family

Small Bank Loans in Elizabethton, Tennessee

Tennessee SBA Banks