Loan to Buy Best Inn Franchise Issued By Business Loan Center, LLC

Need a loan to invest in a Best Inn franchise? Business Loan Center, LLC has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Best Inn franchise? If so, here's a 2002 SBA franchise loan that you should know about. Business Loan Center, LLC was the lender and the entrepreneur was based in Moab, Utah.

SBA Loan Borrower

BEST INN - MOAB
MOAB, UT 84532

SBA Loan Lender

BUSINESS LOAN CENTER, LLC
1633 BROADWAY, 39TH FL
NEW YORK, NY 10019

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA business loans to to our country's hard-working small business owners.

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

3/28/2002

Loan Approval Gross Amount

$1,625,000

Loan Approval from the SBA

Of the total $1,625,000 loan amount, the SBA guaranteed $991,250.

More Information on This SBA Loan

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

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

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