Main Street Registry

Super 8, Elberton

Elberton, GA · Hotels (except Casino Hotels) and Motels · NAICS 721110

Super 8, Elberton is a hotel and motel business located in Elberton, Georgia, classified under the hotels (except casino hotels) and motels industry. The business was financed with an SBA 7(a) loan for a change of ownership, approved in June 2024 by PromiseOne Bank for $2 million.

SBA 7(a) loan, change of ownership, approved Jun 18, 2024

$2,000,000 approvedLender: PromiseOne Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,000,000
SBA-guaranteed amount
$1,500,000 (75% of the approval)
Lender
PromiseOne Bank, Duluth, GA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.5%, variable
Term
25 years (300 months)
Estimated maturity
June 18, 2049 (estimated, approval date plus term)
Estimated monthly payment
$17,474 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jul 5, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
5
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Elbert County, GA
SBA district office
Georgia District Office
Congressional district
GA-09
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 25% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in Georgia: $2,017,638.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Georgia