First National Bank Provides SBA Loan to Buy Ramada Inn Franchise

Need a loan to purchase a Ramada Inn franchise? First National Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Ramada Inn franchise? If so, here's a 2001 SBA franchise loan that you should know about. First National Bank was the lender and the entrepreneur was based in West Plains, Missouri.

SBA Loan Borrower

RAMADA INN
WEST PLAINS, MO 65775

SBA Loan Lender

FIRST NATIONAL BANK
105 W 6TH ST
MOUNTAIN VIEW, MO 65548

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

2/27/2001

Loan Approval Gross Amount

$1,629,000

Loan Approval from the SBA

Of the total $1,629,000 loan amount, the SBA guaranteed $999,994.

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 48 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

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

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

The Art of Bootstrapping

SBA 7A Banks in Mountain View, Missouri

Getting an SBA Loan in Missouri