Borrow Money to Buy a Budget Inn Franchise

Need a loan to invest in a Budget Inn franchise? Bank Of The Southwest has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Budget Inn franchise is doable. In 2002, Bank Of The Southwest issued an SBA franchise loan to an entrepreneur in Farmington, New Mexico. Because Budget Inn was registered with the SBA's registry of franchises, this New Mexico small business loan was issued on an expedited basis.

SBA Loan Borrower

TRAVEL INN AND BUDGET INN
FARMINGTON, NM 87401

SBA Loan Lender

BANK OF THE SOUTHWEST
226 N MAIN ST
ROSWELL, NM 88202

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/10/2002

Loan Approval Gross Amount

$416,000

Loan Approval from the SBA

Of the total $416,000 loan amount, the SBA guaranteed $312,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Budget Inn franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of The Southwest had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of The Southwest made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

The Friends and Family Network

Where to Get an SBA Loan in Roswell, New Mexico

New Mexico SBA 7A Lenders