Texas Entrepreneur Secures Financing to Buy Travelodge Franchise

Need money to invest in a Travelodge franchise? Business Lenders, LLC has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Travelodge franchise requires some effort but others before you have been successful. In 2005, Business Lenders, LLC issued an SBA franchise loan to an entrepreneur in Channelview, Texas. Because Travelodge was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

TRAVELODGE
CHANNELVIEW, TX 77530

SBA Loan Lender

BUSINESS LENDERS, LLC
50 STATE HOUSE SQUARE 5TH FL
HARTFORD, CT 06103

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

11/1/2005

Loan Approval Gross Amount

$1,350,000

Loan Approval from the SBA

Of the total $1,350,000 loan amount, the SBA guaranteed $1,012,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Travelodge franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 Business Lenders, LLC 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.

Related Links:

Travelodge Hotels, Inc.

Role of Business Plan When Raising Money

Who Lends Money to Small Businesses in Hartford, Connecticut

Getting an SBA Loan in Connecticut