Arlington, TX Entrepreneur Gets SBA Loan to Buy Best Inn Franchise

Borrowing money to invest in a Best Inn franchise? Wachovia Sba Lending, Inc. has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Arlington, Texas needed money to invest in a Best Inn franchise back in 2000. Wachovia Sba Lending, Inc. issued an SBA franchise loan. Here are the details on this Texas small business loan.

SBA Loan Borrower

SARJIT GHOMAN AND RAMJIT GHOMA
ARLINGTON, TX 76010

SBA Loan Lender

WACHOVIA SBA LENDING, INC.
1620 E. ROSEVILLE PKWY, STE 1
ROSEVILLE, CA 95661

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

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

5/8/2000

Loan Approval Gross Amount

$1,000,100

Loan Approval from the SBA

Of the total $1,000,100 loan amount, the SBA guaranteed $749,994.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Best Inn franchise. At the time of the loan, the company had 20 employees. This SBA loan request indicated that the loan would help generate 10 new jobs and retain 30 existing jobs.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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