Jefferson, IA Entrepreneur Gets SBA Loan to Buy Super 8 Motel Franchise
Borrowing money to invest in a Super 8 Motel franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Super 8 Motel franchise shouldn't be too tough. In 2006, Community So. Bank D.B.A Commun issued an SBA franchise loan to an entrepreneur in Jefferson, Iowa. Because Super 8 Motel was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.
SBA Loan Borrower
SUPER 8
JEFFERSON, IA 50129
SBA Loan Lender
COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363
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
5/9/2006
Loan Approval Gross Amount
$742,000
Loan Approval from the SBA
Of the total $742,000 loan amount, the SBA guaranteed $556,500.
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 SBA loan application for the borrower indicated that the loan would help retain 10 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.
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.
Debt Financing
SBA 7A Banks in Parsons, Tennessee
Tennessee SBA Banks