Loan to Buy Red Roof Inn Franchise Issued By Comerica Bank

Borrowing money to invest in a Red Roof Inn franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Red Roof Inn franchise loans are available to Gallup, New Mexico entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Comerica Bank, based in Dallas, Texas, issued an SBA franchise loan for a Red Roof Inn franchise in 2002. We've got all the details on this New Mexico small business loan.

SBA Loan Borrower

RED ROOF INN
GALLUP, NM 87301

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This small business loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending history and a thorough understanding of SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/8/2002

Loan Approval Gross Amount

$1,330,000

Loan Approval from the SBA

Of the total $1,330,000 loan amount, the SBA guaranteed $997,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Red Roof Inn franchise. At the time of the loan, the company had 18 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,330,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Red Roof Inns, Inc.

Obtaining Funding - How to Decide How Much to Raise

SBA Participating Banks in Dallas, Texas

Texas SBA Bank Lenders