Loan to Buy Best Western Inn Franchise Issued By Community So. Bank D.B.A Commun

Need money to purchase a Best Western Inn franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Martinsville, Virginia needed money to invest in a Best Western Inn franchise back in 2006. Community So. Bank D.B.A Commun issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

BEST WESTERN MARTINVILLE
MARTINSVILLE, VA 24112

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363

This lender provides SBA small business loans 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

4/25/2006

Loan Approval Gross Amount

$1,651,500

Loan Approval from the SBA

Of the total $1,651,500 loan amount, the SBA guaranteed $1,238,625.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Best Western Inn franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 15 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community So. Bank D.B.A Commun had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community So. Bank D.B.A Commun made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Best Western Inn

Microlending as a Small Business Funding Source

Where to Get an SBA Loan in Parsons, Tennessee

SBA Lenders in Tennessee