Texas Entrepreneur Secures Financing to Buy Super 8 Motel Franchise

Borrowing money to purchase a Super 8 Motel franchise? Sterling Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Super 8 Motel franchise? If so, here's a 2007 SBA franchise loan that you should know about. Sterling Bank was the lender and the entrepreneur was based in Houston, Texas.

SBA Loan Borrower

SUPER 8 MOTEL
HOUSTON, TX 77028

SBA Loan Lender

STERLING BANK
2550 N LOOP WEST
HOUSTON, TX 77092

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.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/1/2007

Loan Approval Gross Amount

$238,300

Loan Approval from the SBA

Of the total $238,300 loan amount, the SBA guaranteed $178,725.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the borrowed money would help create 5 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Houston TX, you ought to talk with a local Houston SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Houston businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sterling Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

Accountant's Role in Securing Financing

Small Business Banks in Houston, Texas

SBA Lenders in Texas