North Carolina Entrepreneur Secures Financing to Buy Econo Lodge Motel Franchise

Borrowing money to purchase an Econo Lodge Motel franchise? Temecula Valley Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Wilson, North Carolina needed money to invest in an Econo Lodge Motel franchise back in 2004. Temecula Valley Bank issued an SBA franchise loan. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

MADHURAM HOSPITALITY LLC
WILSON, NC 27893

SBA Loan Lender

TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590

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

10/28/2004

Loan Approval Gross Amount

$801,000

Loan Approval from the SBA

Of the total $801,000 loan amount, the SBA guaranteed $600,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Econo Lodge Motel franchise. At the time of the loan, the company had 12 employees. The SBA loan documents indicated that the loan would help retain 12 existing jobs.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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.

Banking Deregulation's Effects on Entrepreneurship

SBA Approved Banks in Temecula, California

Getting an SBA Loan in California