California Entrepreneur Secures Financing to Buy Super 8 Motel Franchise

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

Getting money to buy a Super 8 Motel franchise may simply require a phone call to a local SBA banker. In 2005, Pacific Western Bank issued an SBA franchise loan to an entrepreneur in Willows, California. Because Super 8 Motel was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.

SBA Loan Borrower

SUPER 8 MOTEL WILLOWS
WILLOWS, CA 95988

SBA Loan Lender

PACIFIC WESTERN BANK
900 CANTERBURY PL
ESCONDIDO, CA 92025

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

12/13/2005

Loan Approval Gross Amount

$1,785,000

Loan Approval from the SBA

Of the total $1,785,000 loan amount, the SBA guaranteed $1,338,750.

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 7 employees. This SBA loan request indicated that the loan would help generate 6 new jobs and retain 13 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Pacific Western 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:

Super 8 Motels, Inc.

Debt Financing

Who Lends Money to Small Businesses in Escondido, California

California SBA Bank Lenders