Loan to Buy Super 8 Motel Franchise Issued By Citizens Bank

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

Want to borrow money to buy a Super 8 Motel franchise? If so, here's a 2002 SBA franchise loan that you should know about. Citizens Bank was the lender and the entrepreneur was based in Memphis, Tennessee.

SBA Loan Borrower

DAYS INN
MEMPHIS, TN 38114

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

This commercial loan was provided by a lender with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

4/1/2002

Loan Approval Gross Amount

$902,500

Loan Approval from the SBA

Of the total $902,500 loan amount, the SBA guaranteed $676,875.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Citizens Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Citizens Bank 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:

Super 8 Motels, Inc.

Startup Funding Tip

SBA 7A Banks for Elizabethton, Tennessee Loans

Browse All Business Loan Sources for Tennessee