Loan to Buy Microtel Franchise Issued By Temecula Valley Bank

Borrowing money to purchase a Microtel franchise? Temecula Valley Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Microtel franchise? If so, here's a 2004 SBA franchise loan that you should know about. Temecula Valley Bank was the lender and the entrepreneur was based in Kannapolis, North Carolina.

SBA Loan Borrower

MICROTEL INN& SUITES.
KANNAPOLIS, NC 28083

SBA Loan Lender

TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590

This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/28/2004

Loan Approval Gross Amount

$1,721,200

Loan Approval from the SBA

Of the total $1,721,200 loan amount, the SBA guaranteed $1,290,900.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Microtel franchise. At the time of the loan, the company had 13 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 13 existing jobs.

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

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 Temecula Valley Bank 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:

Microtel Inns & Suites

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SBA Banks in Temecula, California

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