Loan to Buy Econo Lodge Motel Franchise Issued By Temecula Valley Bank

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

Econo Lodge Motel franchise loans are available to Raleigh, North Carolina entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Temecula Valley Bank, based in Temecula, California, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2002. We've got all the details on this North Carolina small business loan.

SBA Loan Borrower

ECONO LODGE
RALEIGH, NC 27612

SBA Loan Lender

TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/8/2002

Loan Approval Gross Amount

$1,083,000

Loan Approval from the SBA

Of the total $1,083,000 loan amount, the SBA guaranteed $812,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 12 employees. This SBA loan request indicated that the loan would help generate 6 new jobs and retain 12 existing jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to find business people willing to loan money, 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.

Related Links:

Econo Lodges of America, Inc.

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