Elk City, OK Entrepreneur Gets SBA Loan to Buy Ramada Inn Franchise

Need a loan to purchase a Ramada Inn franchise? First Western Sblc, Inc has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Ramada Inn franchise may simply require a phone call to a local SBA banker. In 2005, First Western Sblc, Inc issued an SBA franchise loan to an entrepreneur in Elk City, Oklahoma. Because Ramada Inn was registered with the SBA's registry of franchises, this Oklahoma small business loan was issued on an expedited basis.

SBA Loan Borrower

RAMADA INN ELK CITY
ELK CITY, OK 73644

SBA Loan Lender

FIRST WESTERN SBLC, INC
17950 PRESTON RD, STE 600,
DALLAS, TX 75252

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/17/2005

Loan Approval Gross Amount

$975,000

Loan Approval from the SBA

Of the total $975,000 loan amount, the SBA guaranteed $731,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ramada Inn franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 First Western Sblc, Inc 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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