Weymouth, MA Entrepreneur Gets SBA Loan to Buy Super 8 Motel Franchise

Borrowing money to buy a Super 8 Motel franchise? Unity 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 2000, Unity Bank issued an SBA franchise loan to an entrepreneur in Weymouth, Massachusetts. Because Super 8 Motel was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

BOSTON MOTEL
WEYMOUTH, MA 02188

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This lender issued this bank loan under the SBA's 7A loan, 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.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/21/2000

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

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 8 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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.

A Company That Helps Entrepreneurs

Small Business Banks in Clinton, New Jersey

Getting a Business Loan in New Jersey