Loan to Buy Microtel Franchise Issued By Citizens Bank

Need a loan to buy a Microtel franchise? Citizens Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Mineral Wells, West Virginia needed money to invest in a Microtel franchise back in 2007. Citizens Bank issued an SBA franchise loan. Here are the details on this West Virginia small business loan.

SBA Loan Borrower

MICROTEL INN
MINERAL WELLS, WV 26150

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

1/23/2007

Loan Approval Gross Amount

$1,565,000

Loan Approval from the SBA

Of the total $1,565,000 loan amount, the SBA guaranteed $1,173,750.

More Information on This SBA Loan

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

Getting an SBA Loan For Your 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.

We can help you find the best banks for small businesses in Mineral Wells or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Microtel Inns & Suites

Business Credit Evaluation

SBA 7A Banks in Elizabethton, Tennessee

Find an SBA Lender in Tennessee