Borrow Money to Buy a Super 8 Motel Franchise

Borrowing money to invest in a Super 8 Motel franchise? American Enterprise Bank has a history of making these loans and they are guaranteed by the SBA.

Super 8 Motel franchise loans are available to Portage, Indiana entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, American Enterprise Bank, based in Buffalo Grove, Illinois, issued an SBA franchise loan for a Super 8 Motel franchise in 2004. We've got all the details on this Indiana small business loan.

SBA Loan Borrower

SUPER 8 MOTEL
PORTAGE, IN 46368

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

8/17/2004

Loan Approval Gross Amount

$1,064,000

Loan Approval from the SBA

Of the total $1,064,000 loan amount, the SBA guaranteed $798,000.

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 38 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like American Enterprise Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

Role of Business Plan When Raising Money

SBA 7A Banks for Buffalo Grove, Illinois Loans

Illinois SBA 7A Lenders