New York Entrepreneur Secures Financing to Buy Travelodge Franchise

Borrowing money to purchase a Travelodge franchise? Unity Bank 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 2000, Unity Bank issued an SBA franchise loan to an entrepreneur in Futonville, New York. Because Travelodge was registered with the SBA's registry of franchises, this New York small business loan was issued on an expedited basis.

SBA Loan Borrower

TRAVELODGE
FUTONVILLE, NY 12072

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

Loan Approval Date

5/12/2000

Loan Approval Gross Amount

$1,225,000

Loan Approval from the SBA

Of the total $1,225,000 loan amount, the SBA guaranteed $749,994.

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 7 employees. The loan application did not indicate that the business planned to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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.

Direct Public Offerings

Small Bank Loans in Clinton, New Jersey

New Jersey SBA Banks