Alabama Entrepreneur Secures Financing to Buy Best Western Inn Franchise

Borrowing money to purchase a Best Western Inn franchise? Loan Depot Lending Company In has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Selma, Alabama needed money to invest in a Best Western Inn franchise back in 2005. Loan Depot Lending Company In issued an SBA franchise loan. Here are the details on this Alabama small business loan.

SBA Loan Borrower

BEST WESTERN INN SELMA
SELMA, AL 36701

SBA Loan Lender

LOAN DEPOT LENDING COMPANY IN
1608 HERITAGE BUSINESS COURT,
CHATTANOOGA, TN 37421

This lender issued this business 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

7/18/2005

Loan Approval Gross Amount

$1,320,000

Loan Approval from the SBA

Of the total $1,320,000 loan amount, the SBA guaranteed $990,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Best Western Inn franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the company planned to use the money to add employees or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Loan Depot Lending Company In 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.

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