Nara Bank Provides SBA Loan to Buy Travelodge Franchise

Need money to purchase a Travelodge franchise? Nara Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Travelodge franchise shouldn't be overly burdensome. In 2002, Nara Bank issued an SBA franchise loan to an entrepreneur in Bellingham, Washington. Because Travelodge was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

BELLINGHAM TRAVELODGE
BELLINGHAM, WA 98225

SBA Loan Lender

NARA BANK
3731 WILSHIRE BLVD, STE 1000
LOS ANGELES, CA 90010

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/30/2002

Loan Approval Gross Amount

$1,525,000

Loan Approval from the SBA

Of the total $1,525,000 loan amount, the SBA guaranteed $998,875.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Travelodge franchise. At the time of the loan, the company had 10 employees. This SBA loan request indicated that the loan would help retain 10 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 Nara 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.

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