Illinois Entrepreneur Secures Financing to Buy Comfort Inn Franchise

Need money to purchase a Comfort Inn franchise? Small Business Loan Source LLC has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Comfort Inn franchise? If so, here's a 2001 SBA franchise loan that you should know about. Small Business Loan Source LLC was the lender and the entrepreneur was based in Peru, Illinois.

SBA Loan Borrower

COMFORT INN
PERU, IL 61354

SBA Loan Lender

SMALL BUSINESS LOAN SOURCE LLC
9801 WESTHEIMER RD #1100
HOUSTON, TX 77056

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

7/25/2001

Loan Approval Gross Amount

$1,385,000

Loan Approval from the SBA

Of the total $1,385,000 loan amount, the SBA guaranteed $999,970.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Comfort Inn franchise. At the time of the loan, the company had 7 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

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 Small Business Loan Source LLC 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.

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