Fort Dodge, IA Entrepreneur Gets SBA Loan to Buy Super 8 Motel Franchise

Need a loan to invest in a Super 8 Motel franchise? U.S. Bank National Association has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Fort Dodge, Iowa needed money to invest in a Super 8 Motel franchise back in 2000. U.S. Bank National Association issued an SBA franchise loan. Here are the details on this Iowa small business loan.

SBA Loan Borrower

SUPER 8 FORT DODGE
FORT DODGE, IA 50501

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

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

9/12/2000

Loan Approval Gross Amount

$709,000

Loan Approval from the SBA

Of the total $709,000 loan amount, the SBA guaranteed $429,873.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 22 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 21 existing jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

Equity Financing

SBA 7A Banks for Cincinnati, Ohio Loans

SBA Lenders in Ohio