South Dakota Entrepreneur Secures Financing to Buy Rodeway Inns Franchise

Need money to buy a Rodeway Inns franchise? Prinsbank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Rodeway Inns franchise is doable. In 2001, Prinsbank issued an SBA franchise loan to an entrepreneur in Rapid City, South Dakota. Because Rodeway Inns was registered with the SBA's registry of franchises, this South Dakota small business loan was issued on an expedited basis.

SBA Loan Borrower

RODEWAY INN
RAPID CITY, SD 57701

SBA Loan Lender

PRINSBANK
508 3RD ST
PRINSBURG, MN 56281

This small business 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

12/18/2001

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,000,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Rodeway Inns franchise. At the time of the loan, the company had 48 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Prinsbank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Rodeway Inns

Determining Proper Capital Structure for a Business

SBA Approved Banks in Prinsburg, Minnesota

Minnesota SBA Banks