New York Entrepreneur Secures Financing to Buy Howard Johnson Franchise

Borrowing money to buy a Howard Johnson franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Williamsville, New York needed money to invest in a Howard Johnson franchise back in 2001. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this New York small business loan.

SBA Loan Borrower

HOWARD JOHNSON EXPRESS INN
WILLIAMSVILLE, NY 14221

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

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

8/22/2001

Loan Approval Gross Amount

$1,690,000

Loan Approval from the SBA

Of the total $1,690,000 loan amount, the SBA guaranteed $999,999.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Howard Johnson franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Howard Johnson International, Inc.

Howard Johnson Franchise Canada Inc.

Realistic Debt Financing Options

SBA Participating Banks in Livingston, New Jersey

Getting an SBA Loan in New Jersey