Borrow Money to Buy a Quality Inn Franchise

Need money to buy a Quality Inn franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Quality Inn franchise? If so, here's a 2000 SBA franchise loan that you should know about. Unity Bank was the lender and the entrepreneur was based in Salem, Virginia.

SBA Loan Borrower

QUALITY INN HOTEL
SALEM, VA 24153

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business loans to American small businesses.

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

3/31/2000

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Quality Inn franchise. At the time of the loan, the company had 20 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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.

Related Links:

Quality Inn

How Much Venture Capital Is There?

Best Clinton, New Jersey Banks for Small Business

Where to Get an SBA Loan New Jersey