Tennessee Entrepreneur Secures Financing to Buy Econo Lodge Motel Franchise

Need money to invest in an Econo Lodge Motel franchise? Citizens Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Paris, Tennessee needed money to invest in an Econo Lodge Motel franchise back in 2004. Citizens Bank issued an SBA franchise loan. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

ECONO LODGE
PARIS, TN 38242

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

At the time this loan was granted, the lender was part of the SBA's Certified Lenders Program (CLP). This program was created to provide quick service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

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

6/24/2004

Loan Approval Gross Amount

$1,530,000

Loan Approval from the SBA

Of the total $1,530,000 loan amount, the SBA guaranteed $1,147,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 14 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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