Texas Entrepreneur Secures Financing to Buy Econo Lodge Motel Franchise

Need money to buy an Econo Lodge Motel franchise? Mainstreet Lender 7(a), LLC has a history of making these loans and they are guaranteed by the SBA.

Econo Lodge Motel franchise loans are available to San Marcos, Texas entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Mainstreet Lender 7(a), LLC, based in Chevy Chase, Maryland, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2005. We've got all the details on this Texas small business loan.

SBA Loan Borrower

ECONO LODGE
SAN MARCOS, TX 78666

SBA Loan Lender

MAINSTREET LENDER 7(A), LLC
2 WISCONSIN CIRCLE, 9TH FLOOR
CHEVY CHASE, MD 20815

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to to entrepreneurs who might have trouble getting a conventional bank 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

8/11/2005

Loan Approval Gross Amount

$1,135,000

Loan Approval from the SBA

Of the total $1,135,000 loan amount, the SBA guaranteed $851,250.

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 5 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Mainstreet Lender 7(a), LLC and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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Best Banks in Chevy Chase, Maryland

SBA Participating Banks in Maryland