Loan to Buy Red Carpet Inn Franchise Issued By Commerce Bank

Need money to buy a Red Carpet Inn franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

Red Carpet Inn franchise loans are available to Wilkes-Barre, Pennsylvania entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Commerce Bank, based in Philadelphia, Pennsylvania, issued an SBA franchise loan for a Red Carpet Inn franchise in 2002. We've got all the details on this Pennsylvania small business loan.

SBA Loan Borrower

RED CARPET INN
WILKES-BARRE, PA 18702

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/5/2002

Loan Approval Gross Amount

$1,225,000

Loan Approval from the SBA

Of the total $1,225,000 loan amount, the SBA guaranteed $918,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Red Carpet Inn franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help create 5 new jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Wilkes-Barre PA, you ought to talk with a local Wilkes-Barre SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wilkes-Barre businesses.

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 Commerce 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:

Borrowing Money from Friends and Family

Best Banks in Philadelphia, Pennsylvania

Browse All Business Loan Sources for Pennsylvania