Myrtle Beach, SC Entrepreneur Gets SBA Loan to Buy Travelodge Franchise

Borrowing money to purchase a Travelodge franchise? Beach First National Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Myrtle Beach, South Carolina and are interested in buying a Travelodge franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Beach First National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

CP & JP, INC.
MYRTLE BEACH, SC 29577

SBA Loan Lender

BEACH FIRST NATIONAL BANK
3751 ROBERT M GRISSOM PKWY, S
MYRTLE BEACH, SC 29577

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/30/2002

Loan Approval Gross Amount

$1,250,000

Loan Approval from the SBA

Of the total $1,250,000 loan amount, the SBA guaranteed $937,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Travelodge franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Beach First National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Beach First National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Travelodge Hotels, Inc.

How to Raise Money

SBA Participating Banks in Myrtle Beach, South Carolina

SBA Lenders in South Carolina