Commerce Bank Provides SBA Loan to Buy Ramada Inn Franchise

Need money to buy a Ramada Inn franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Bordentown, New Jersey and are interested in buying a Ramada Inn franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 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

RAMADA INN
BORDENTOWN, NJ 08505

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

12/19/2003

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 borrowed this money for a new business. This loan was used to buy a Ramada Inn franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 24 new jobs and retain 27 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Ramada Franchise Systems, Inc.

Bank Credit Lines

SBA 7A Banks in Philadelphia, Pennsylvania

SBA Lenders in Pennsylvania