Illinois Entrepreneur Secures Financing to Buy Super 8 Motel Franchise

Need money to purchase a Super 8 Motel franchise? American Enterprise Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Super 8 Motel franchise shouldn't be overly burdensome. In 2003, American Enterprise Bank issued an SBA franchise loan to an entrepreneur in Streator, Illinois. Because Super 8 Motel was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

SUPER 8
STREATOR, IL 61364

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/23/2003

Loan Approval Gross Amount

$1,026,250

Loan Approval from the SBA

Of the total $1,026,250 loan amount, the SBA guaranteed $769,688.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you have been wondering how do i get money to start a business in Streator IL, you ought to talk with a local Streator SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Streator businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Enterprise Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Enterprise Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Super 8 Motels, Inc.

Debt Financing

SBA Approved Banks in Buffalo Grove, Illinois

SBA Illinois Banks