Borrow Money to Buy a Comfort Inn Franchise

Need a loan to buy a Comfort Inn franchise? American Enterprise Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Comfort Inn franchise is doable. In 2002, American Enterprise Bank issued an SBA franchise loan to an entrepreneur in Lansing, Illinois. Because Comfort Inn was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

COMFORT SUITES
LANSING, IL 60438

SBA Loan Lender

AMERICAN ENTERPRISE BANK
275 ROSELLE RD
SCHAUMBURG, IL 60193

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/29/2002

Loan Approval Gross Amount

$1,252,025

Loan Approval from the SBA

Of the total $1,252,025 loan amount, the SBA guaranteed $939,019.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Comfort Inn franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We've showcased information on this loan to let you know that businesses like yours 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:

Business Credit Evaluation

SBA 7A Banks in Schaumburg, Illinois

SBA Participating Banks in Illinois