West Virginia Entrepreneur Secures Financing to Buy Ramada Inn Franchise

Need a loan to invest in a Ramada Inn franchise? Textron Financial Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Mount Hope, West Virginia needed money to invest in a Ramada Inn franchise back in 2001. Textron Financial Corp issued an SBA franchise loan. Here are the details on this West Virginia small business loan.

SBA Loan Borrower

NORTH BECKLEY MOTEL, INC.
MOUNT HOPE, WV 25880

SBA Loan Lender

TEXTRON FINANCIAL CORP
40 WESMINSTER ST
PROVIDENCE, RI 02903

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/11/2001

Loan Approval Gross Amount

$1,300,000

Loan Approval from the SBA

Of the total $1,300,000 loan amount, the SBA guaranteed $975,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ramada Inn franchise. At the time of the loan, the company had 25 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Textron Financial Corp that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Ramada Franchise Systems, Inc.

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SBA 7A Banks in Providence, Rhode Island

Where to Get an SBA Loan Rhode Island