North Carolina Entrepreneur Secures Financing to Buy Red Roof Inn Franchise

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

Want to borrow money to buy a Red Roof Inn franchise? If so, here's a 2002 SBA franchise loan that you should know about. Mountainbank was the lender and the entrepreneur was based in Hendersonville, North Carolina.

SBA Loan Borrower

RED ROOF INN
HENDERSONVILLE, NC 28792

SBA Loan Lender

MOUNTAINBANK
201 WREN DR
HENDERSONVILLE, NC 28792

This lender issued this SBA bank 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

7/30/2002

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $999,000.

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 only one employee. The loan application did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 $1,500,000 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.

Business Line of Credit

SBA Banks in Hendersonville, North Carolina

SBA North Carolina Banks