Los Angeles, CA Entrepreneur Gets SBA Loan to Buy Travelodge Franchise

Borrowing money to buy a Travelodge franchise? Temecula Valley 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 2001, Temecula Valley Bank issued an SBA franchise loan to an entrepreneur in Los Angeles, California. Because Travelodge was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.

SBA Loan Borrower

TRAVELODGE VAN NUYS
LOS ANGELES, CA 91405

SBA Loan Lender

TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/25/2001

Loan Approval Gross Amount

$1,243,200

Loan Approval from the SBA

Of the total $1,243,200 loan amount, the SBA guaranteed $932,400.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Travelodge franchise. At the time of the loan, the company had 24 employees. The SBA loan documents indicated that the loan would help generate 34 new jobs and retain 24 existing jobs.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Temecula Valley Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Temecula Valley Bank 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.

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