Loan to Buy Super 8 Motel Franchise Issued By First Bank

Need a loan to purchase a Super 8 Motel franchise? First Bank has a history of making these loans and they are guaranteed by the SBA.

Super 8 Motel franchise loans are available to Memphis, Tennessee entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First Bank, based in Creve Coeur, Missouri, issued an SBA franchise loan for a Super 8 Motel franchise in 2004. We've got all the details on this Tennessee small business loan.

SBA Loan Borrower

SUPER 8 MEMPHIS TN
MEMPHIS, TN 38134

SBA Loan Lender

FIRST BANK
11901 OLIVE BLVD
CREVE COEUR, MO 63141

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

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

7/1/2004

Loan Approval Gross Amount

$1,115,000

Loan Approval from the SBA

Of the total $1,115,000 loan amount, the SBA guaranteed $836,250.

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 3 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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:

Super 8 Motels, Inc.

Financing Your Business

SBA 7A Banks for Creve Coeur, Missouri Loans

Missouri SBA 7A Banks