United Midwest Savings Bank Provides SBA Loan to Buy Super 8 Motel Franchise

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

An entrepreneur in Kent, Ohio needed money to invest in a Super 8 Motel franchise back in 2003. United Midwest Savings Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

KENT SUPER 8
KENT, OH 44240

SBA Loan Lender

UNITED MIDWEST SAVINGS BANK
101 S MAIN ST
DE GRAFF, OH 43318

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/18/2003

Loan Approval Gross Amount

$533,000

Loan Approval from the SBA

Of the total $533,000 loan amount, the SBA guaranteed $399,750.

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 12 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans provide money to small business owners for working capital for other expenses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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.

Equity Financing

Good Banks for Small Business in De Graff, Ohio

SBA Participating Banks in Ohio