Millington, TN Entrepreneur Gets SBA Loan to Buy Days Inn Franchise

Need money to purchase a Days Inn franchise? Patriot Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Millington, Tennessee needed money to invest in a Days Inn franchise back in 2004. Patriot Bank issued an SBA franchise loan. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

DAYS INN
MILLINGTON, TN 38053

SBA Loan Lender

PATRIOT BANK
8376 HWY 51 NORTH
MILLINGTON, TN 38053

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

5/18/2004

Loan Approval Gross Amount

$924,000

Loan Approval from the SBA

Of the total $924,000 loan amount, the SBA guaranteed $693,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Days Inn franchise. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

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

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Days Inn Worldwide Inc.

Bank Credit Lines

SBA Participating Banks in Millington, Tennessee

Tennessee SBA Banks