Community So. Bank D.B.A Commun Provides SBA Loan to Buy Best Value Inn Franchise
Borrowing money to invest in a Best Value Inn franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA.
Best Value Inn franchise loans are available to Muncie, Indiana entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Community So. Bank D.B.A Commun, based in Parsons, Tennessee, issued an SBA franchise loan for a Best Value Inn franchise in 2005. We've got all the details on this Indiana small business loan.
SBA Loan Borrower
AMERICAS BEST VALUE INN
MUNCIE, IN 47302
SBA Loan Lender
COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
721110 - Hotels and Motels
Loan Approval Date
12/15/2005
Loan Approval Gross Amount
$900,000
Loan Approval from the SBA
Of the total $900,000 loan amount, the SBA guaranteed $675,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Best Value Inn franchise. At the time of the loan, the company
had 10 employees. The loan application indicated that the loan would help retain 10 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.
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.
Related Links:
Best Value Inn
Understanding Dilution
Best Banks for Small Business in Parsons, Tennessee
Find an SBA Lender in Tennessee