Minnesota Entrepreneur Secures Financing to Buy Super 8 Motel Franchise

Need money to buy a Super 8 Motel franchise? Kleinbank has a history of making these loans and they are guaranteed by the SBA.

Super 8 Motel franchise loans are available to Marshall, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Kleinbank, based in Chaska, Minnesota, issued an SBA franchise loan for a Super 8 Motel franchise in 2005. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

SUMEET
MARSHALL, MN 56258

SBA Loan Lender

KLEINBANK
301 CHESTNUT ST
CHASKA, MN 55318

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 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

6/2/2005

Loan Approval Gross Amount

$290,000

Loan Approval from the SBA

Of the total $290,000 loan amount, the SBA guaranteed $217,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Kleinbank and they will explain how you can get an SBA loan for your company.

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.

Obtaining Funding From a Venture Capitalist

Where to Get an SBA Loan in Chaska, Minnesota

SBA Minnesota Banks