Loan to Buy Microtel Franchise Issued By Cit Small Business Lending Corp

Need a loan to buy a Microtel franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Microtel franchise? If so, here's a 2001 SBA franchise loan that you should know about. Cit Small Business Lending Corp was the lender and the entrepreneur was based in Georgetown, Kentucky.

SBA Loan Borrower

MICROTEL INC
GEORGETOWN, KY 40324

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This lender provides SBA guaranteed business 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

3/26/2001

Loan Approval Gross Amount

$1,581,000

Loan Approval from the SBA

Of the total $1,581,000 loan amount, the SBA guaranteed $999,998.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Microtel franchise. At the time of the loan, the company had 17 employees. The SBA loan documents indicated that the loan would help retain 17 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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:

Microtel Inns & Suites

Business Line of Credit

SBA Banks in Livingston, New Jersey

Getting an SBA Loan in New Jersey