Bank Of The West Provides SBA Loan to Buy Best Western Inn Franchise

Need money to buy a Best Western Inn franchise? Bank Of The West has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Best Western Inn franchise? If so, here's a 2002 SBA franchise loan that you should know about. Bank Of The West was the lender and the entrepreneur was based in Hazlehurst, Georgia.

SBA Loan Borrower

BEST WESTERN INN
HAZLEHURST, GA 31539

SBA Loan Lender

BANK OF THE WEST
10181 TRUCKEE TAHOE AIRPORT R
TRUCKEE, CA 96161

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/5/2002

Loan Approval Gross Amount

$827,900

Loan Approval from the SBA

Of the total $827,900 loan amount, the SBA guaranteed $620,925.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Best Western Inn franchise. At the time of the loan, the company had 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of The West and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Best Western Inn

Understanding Dilution

SBA Banks in Truckee, California

California SBA Bank Lenders