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November 15, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Saint Augustine, Business Loans > Haven Trust Bank Saint Augustine Business Loans > Best Western Medart Loan | ||||
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I Need a Small Business Loan to Buy a Franchise in Medart, Florida
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Florida Entrepreneur Secures Financing to Buy Best Western Inn FranchiseNeed money to purchase a Best Western Inn franchise? Haven Trust Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Medart, Florida needed money to invest in a Best Western Inn franchise back in 2006. Haven Trust Bank issued an SBA franchise loan. Here are the details on this Florida small business loan. SBA Loan Borrower BEST WESTERN MEDART SBA Loan Lender HAVEN TRUST BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA bank 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 11/16/2006 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $262,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Best Western Inn franchise. At the time of the loan, the company had 11 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 Banks in Saint Augustine, Florida
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