Williamsburg, VA Entrepreneur Gets SBA Loan to Buy Rodeway Inns Franchise

Need money to buy a Rodeway Inns franchise? Temecula Valley Bank 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 2003, Temecula Valley Bank issued an SBA franchise loan to an entrepreneur in Williamsburg, Virginia. Because Rodeway Inns was registered with the SBA's registry of franchises, this Virginia small business loan was issued on an expedited basis.

SBA Loan Borrower

RODEWAY INN & SUITES
WILLIAMSBURG, VA 23185

SBA Loan Lender

TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590

This SBA 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

6/17/2003

Loan Approval Gross Amount

$699,000

Loan Approval from the SBA

Of the total $699,000 loan amount, the SBA guaranteed $524,250.

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 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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