Cit Small Business Lending Corp Provides SBA Loan to Buy La Quinta Inn Franchise

Borrowing money to purchase a La Quinta Inn franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a La Quinta Inn franchise? If so, here's a 2003 SBA franchise loan that you should know about. Cit Small Business Lending Corp was the lender and the entrepreneur was based in Springfield, Missouri.

SBA Loan Borrower

RAMADA LIMITED
SPRINGFIELD, MO 65802

SBA Loan Lender

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

This loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending track record and a deep knowledge SBA loan requirements.

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

1/8/2003

Loan Approval Gross Amount

$1,333,000

Loan Approval from the SBA

Of the total $1,333,000 loan amount, the SBA guaranteed $999,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a La Quinta Inn franchise. At the time of the loan, the company had 14 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cit Small Business Lending 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.

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