Borrow Money to Buy a Super 8 Motel Franchise

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

An entrepreneur in Michigan City, Indiana needed money to invest in a Super 8 Motel franchise back in 2002. Business Loan Center, LLC issued an SBA franchise loan. Here are the details on this Indiana small business loan.

SBA Loan Borrower

MICHIGAN CITY SUPER 8
MICHIGAN CITY, IN 46360

SBA Loan Lender

BUSINESS LOAN CENTER, LLC
3900 WESTERRE PARKWAY, SUITE
RICHMOND, VA 23233

This lender provides SBA loan for small businesses 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

7/24/2002

Loan Approval Gross Amount

$1,365,000

Loan Approval from the SBA

Of the total $1,365,000 loan amount, the SBA guaranteed $999,999.

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 10 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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.

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