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November 15, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Grand Forks, Business Loans > Bremer Bank Grand Forks Business Loans > Econo Lodge Hotel Loan | ||||
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Banks for Franchise Loans in North Dakota
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Bremer Bank Provides SBA Loan to Buy Econo Lub N Tune FranchiseNeed money to purchase an Econo Lub N Tune franchise? Bremer Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Grand Forks, North Dakota needed money to invest in an Econo Lub N Tune franchise back in 2001. Bremer Bank issued an SBA franchise loan. Here are the details on this North Dakota small business loan. SBA Loan Borrower ECONO LODGE HOTEL SBA Loan Lender BREMER BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan. 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 10/5/2001 Loan Approval Gross Amount $563,000 Loan Approval from the SBA Of the total $563,000 loan amount, the SBA guaranteed $422,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy an Econo Lub N Tune franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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. Related Links: SBA 7A Banks in Grand Forks, North Dakota
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