Borrow Money to Buy a Super 8 Motel Franchise

Borrowing money to purchase a Super 8 Motel franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

If you live near Jasper, Alabama and are interested in buying a Super 8 Motel franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SUPER 8 JASPER AL
JASPER, AL 35501

SBA Loan Lender

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

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

5/6/2003

Loan Approval Gross Amount

$1,495,000

Loan Approval from the SBA

Of the total $1,495,000 loan amount, the SBA guaranteed $999,856.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 10 employees. The loan application indicated that the loan would help retain 10 existing jobs.

Start the Process for Getting an SBA Loan Today!

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:

Super 8 Motels, Inc.

Bank Credit Lines

SBA Participating Banks in Livingston, New Jersey

New Jersey SBA Banks