Citizens Bank Provides SBA Loan to Buy Comfort Suites Franchise

Need money to invest in a Comfort Suites franchise? Citizens Bank has a history of making these loans and they are guaranteed by the SBA.

Comfort Suites franchise loans are available to Jonesboro, Arkansas entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Citizens Bank, based in Elizabethton, Tennessee, issued an SBA franchise loan for a Comfort Suites franchise in 2002. We've got all the details on this Arkansas small business loan.

SBA Loan Borrower

COMFORT INN AND SUITES
JONESBORO, AR 72401

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

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 bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/27/2002

Loan Approval Gross Amount

$1,333,000

Loan Approval from the SBA

Of the total $1,333,000 loan amount, the SBA guaranteed $999,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Comfort Suites franchise. At the time of the loan, the company had 15 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,333,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Comfort Suites

Business Cash Advances

SBA Participating Banks in Elizabethton, Tennessee

Getting an SBA Loan in Tennessee