Temple, TX Entrepreneur Gets SBA Loan to Buy Travelodge Franchise

Need a loan to purchase a Travelodge franchise? Borrego Springs Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Travelodge franchise? If so, here's a 2003 SBA franchise loan that you should know about. Borrego Springs Bank was the lender and the entrepreneur was based in Temple, Texas.

SBA Loan Borrower

TRAVELODGE OF TEMPLE
TEMPLE, TX 76504

SBA Loan Lender

BORREGO SPRINGS BANK
587 PALM CANYON DR, STE 101
BORREGO SPRINGS, CA 92004

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

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

12/18/2003

Loan Approval Gross Amount

$812,800

Loan Approval from the SBA

Of the total $812,800 loan amount, the SBA guaranteed $609,600.

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 27 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 Borrego Springs Bank 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:

Travelodge Hotels, Inc.

Small Business Loan

Small Bank Loans in Borrego Springs, California

California SBA 7A Banks