Banner Bank Provides SBA Loan to Buy Travelodge Franchise

Borrowing money to purchase a Travelodge franchise? Banner Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Travelodge franchise shouldn't be overly burdensome. In 2005, Banner Bank issued an SBA franchise loan to an entrepreneur in Wenatchee, Washington. Because Travelodge was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

WENATCHEE TRAVELODGE
WENATCHEE, WA 98801

SBA Loan Lender

BANNER BANK
701 N CHELAN AVE
WENATCHEE, WA 98801

This SBA loan was provided by financing institution with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/26/2005

Loan Approval Gross Amount

$1,575,000

Loan Approval from the SBA

Of the total $1,575,000 loan amount, the SBA guaranteed $1,181,250.

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 32 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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:

Travelodge Hotels, Inc.

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SBA 7A Banks in Wenatchee, Washington

SBA Washington Lenders