Sioux City, IA Entrepreneur Gets SBA Loan to Buy Baymont Inns & Suites Franchise

Need money to buy a Baymont Inns & Suites franchise? Temecula Valley Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Baymont Inns & Suites franchise? If so, here's a 2004 SBA franchise loan that you should know about. Temecula Valley Bank was the lender and the entrepreneur was based in Sioux City, Iowa.

SBA Loan Borrower

BAYMONT INN
SIOUX CITY, IA 52807

SBA Loan Lender

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

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/21/2004

Loan Approval Gross Amount

$1,725,000

Loan Approval from the SBA

Of the total $1,725,000 loan amount, the SBA guaranteed $999,982.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Baymont Inns & Suites franchise. At the time of the loan, the company had 17 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your 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.

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 Temecula Valley Bank 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:

Baymont Inns

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SBA Banks in Temecula, California

SBA Participating Banks in California