Smithtown, NY Entrepreneur Gets SBA Loan to Buy Econo Lodge Motel Franchise

Need money to invest in an Econo Lodge Motel franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.

Econo Lodge Motel franchise loans are available to Smithtown, New York entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Unity Bank, based in Clinton, New Jersey, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2006. We've got all the details on this New York small business loan.

SBA Loan Borrower

RATAN SMITHTOWN, LLC D/B/A ECONO LODGE
Smithtown, NY 11787

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/8/2006

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had only one employee. The loan application indicated that the borrowed money would help create 8 new jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This SBA loan was for $2,000,000. How would you spend $2,000,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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.

Small Business Loan

Best Banks for Small Business in Clinton, New Jersey

New Jersey SBA 7A Lenders