Loan to Buy Super 8 Motel Franchise Issued By Stearns Bank

Need a loan to invest in a Super 8 Motel franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Morris, Minnesota needed money to invest in a Super 8 Motel franchise back in 2000. Stearns Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

SUPER 8 MOTEL OF MORRIS
MORRIS, MN 56267

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

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

3/28/2000

Loan Approval Gross Amount

$1,163,000

Loan Approval from the SBA

Of the total $1,163,000 loan amount, the SBA guaranteed $749,995.

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 3 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 3 new jobs.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Stearns Bank and they will explain how you can get an SBA loan for your company.

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.

How to Raise Money

Good Banks for Small Business in Saint Cloud, Minnesota

SBA Lenders in Minnesota