American Enterprise Bank Provides SBA Loan to Buy Sleep Inn Motel Franchise

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

Sleep Inn Motel franchise loans are available to Lansing, Illinois entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, American Enterprise Bank, based in Buffalo Grove, Illinois, issued an SBA franchise loan for a Sleep Inn Motel franchise in 2006. We've got all the details on this Illinois small business loan.

SBA Loan Borrower

GATEWAY SLEEP, INC.
LANSING, IL 60438

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/27/2006

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sleep Inn Motel franchise. At the time of the loan, the company had 10 employees. The loan application indicated that the funding would help create 10 new jobs.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 American Enterprise 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:

Sleep Inn and Sleep Inn & Suites

Famous Venture Capitalists

SBA 7A Banks for Buffalo Grove, Illinois Loans

SBA Participating Banks in Illinois