Commerce Bank Provides SBA Loan to Buy Econo Lodge Motel Franchise

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

If you live near Waynesburg, Pennsylvania and are interested in buying an Econo Lodge Motel franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Commerce Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

NIKITA LODGING, INC.
Waynesburg, PA 15370

SBA Loan Lender

COMMERCE BANK
1 ROYAL RD
FLEMINGTON, NJ 08822

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/1/2006

Loan Approval Gross Amount

$1,630,000

Loan Approval from the SBA

Of the total $1,630,000 loan amount, the SBA guaranteed $1,222,500.

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 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Waynesburg PA, you ought to talk with a local Waynesburg SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Waynesburg businesses.

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:

Econo Lodges of America, Inc.

Getting a Small Business Loan

Banks in Flemington, New Jersey

SBA Lenders in New Jersey