Unity Bank Provides SBA Loan to Buy Econo Lodge Motel Franchise

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

Econo Lodge Motel franchise loans are available to Newport News, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Unity Bank, based in Clinton, New Jersey, issued an SBA franchise loan for an Econo Lodge Motel franchise in 2001. We've got all the details on this Virginia small business loan.

SBA Loan Borrower

ECONO LODGE
11845 JEFFERSON AVENUE
NEWPORT NEWS, VA 23606

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels (except Casino Hotels) and Motels

Loan Approval Date

11/7/2001

Loan Approval Gross Amount

$1,333,000

Loan Approval from the SBA

Of the total $1,333,000 loan amount, the SBA guaranteed $999,750.

More Information on This SBA Loan

The borrower, Econo Lodge, 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 did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. This loan was paid in full, and was closed out on 9/30/2005.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like Econo Lodge did when it applied for and received this $1,333,000 loan. Remember, where there is a will, there is a way!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Econo Lodges of America, Inc.

Equity Financing

SBA 7A Banks in Clinton, New Jersey

New Jersey SBA 7A Lenders

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