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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Cloud, Business Loans > Bremer Bank Saint Cloud Business Loans > Ravin & Beena Motel LLC Loan | ||||
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Minnesota Small Business Funding for Franchises
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Milaca, MN Entrepreneur Gets SBA Loan to Buy Super 8 Motel FranchiseNeed money to invest in a Super 8 Motel franchise? Bremer Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Super 8 Motel franchise may simply require a phone call to a local SBA banker. In 2002, Bremer Bank issued an SBA franchise loan to an entrepreneur in Milaca, Minnesota. Because Super 8 Motel was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis. SBA Loan Borrower RAVIN & BEENA MOTEL LLC SBA Loan Lender BREMER BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 1/7/2002 Loan Approval Gross Amount $550,000 Loan Approval from the SBA Of the total $550,000 loan amount, the SBA guaranteed $412,500. 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 8 employees. The loan application indicated that the loan would help retain 8 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bremer Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Obtaining Funding - How to Borrow Money SBA Banks in Saint Cloud, Minnesota
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