Borrow Money to Buy a Ramada Inn Franchise

Need money to buy a Ramada Inn franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Ramada Inn franchise loans are available to Palestine, Texas entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a Ramada Inn franchise in 2001. We've got all the details on this Texas small business loan.

SBA Loan Borrower

RAMADA LTD. OF PALESTINE
PALESTINE, TX 75801

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

At the time this loan was granted, this bank was part of the SBA's Certified Lenders Program (CLP). This program aims to provide rapid service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

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

3/13/2001

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

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 12 employees. This SBA loan request did not indicate that the small business 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?

If you want money for new small business in Palestine TX, you ought to talk with a local Palestine SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Palestine businesses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Cit Small Business Lending Corp so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

Microlending as a Small Business Funding Source

Small Business Banks in Livingston, New Jersey

New Jersey SBA Bank Lenders