Community So. Bank D.B.A Commun Provides SBA Loan to Buy Wingate Inns Franchise

Borrowing money to purchase a Wingate Inns franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Grand Blanc, Michigan needed money to invest in a Wingate Inns franchise back in 2004. Community So. Bank D.B.A Commun issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

WINGATE INN
GRAND BLANC, MI 48439

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
625 S GAY ST, STE 450
KNOXVILLE, TN 37902

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/30/2004

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Wingate Inns franchise. At the time of the loan, the company had 28 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $2,000,000 loan. Remember, things become real when you believe you can achieve them!

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:

Wingate Inns

Business Cash Advances

SBA 7A Banks in Knoxville, Tennessee

Getting a Business Loan in Tennessee