Southgate, MI Entrepreneur Gets SBA Loan to Buy Ramada Inn Franchise

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

An entrepreneur in Southgate, Michigan needed money to invest in a Ramada Inn franchise back in 2001. Comerica Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

SAYO INC
SOUTHGATE, MI 48075

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/27/2001

Loan Approval Gross Amount

$1,800,000

Loan Approval from the SBA

Of the total $1,800,000 loan amount, the SBA guaranteed $999,990.

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 75 employees. The SBA loan application for the borrower indicated that the loan would help generate 20 new jobs and retain 75 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Comerica Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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