Cendant Corporation’s Hotel Group today announced that Newtek Small Business Finance Inc. will offer financing to new and existing lodging franchisees for property purchases, construction, renovation, leasehold improvements and acquisition of furniture, fixture and equipment, among other purposes.
The agreement provides a nationwide source of financing for the franchisees of more than 6,400 franchised Super 8®, Days Inn®, Ramada®, Travelodge®, Howard Johnson®, Knights Inn®, Villager, Wingate Inn® and AmeriHost Inn® hotels in the United States who meet U.S. Small Business Administration requirements.Ê Limits will vary depending on the borrower.
“Our number-one priority is to add value to our franchisees,” said Tom Bernardo, Hotel Group executive vice president, franchise sales & development. “Newtek is one of very few lenders that provide loans on a national basis.Ê Franchisees also will be able to pre-qualify and apply via the Internet.”
Newtek Small Business Finance is authorized to conduct Small Business Administration lending in 50 states as a SBA Small Business Lending Company.Ê To date, Newtek Small Business Finance (formerly Commercial Capital Corporation) has originated $370 million in SBA loans to more than 750 small and growing businesses in 26 states.Ê The company is headquartered in New York City.Ê For more information, go to www.newteksbfinance.com.
Newtek Small Business Finance is a division of Newtek Business Services Inc. (AMEX: NKC), a provider of business services and financial products to the small-business market. For more information, go to www.newtekbusinessservices.com.
Cendant Corporation’s Hotel Group, based in Parsippany, N.J., is the world’s largest lodging franchisor with 6,478 open hotels representing 529,158 rooms on five continents.Ê Cendant’s franchised hotels sell one out of every four economy and midpriced room-nights in the United States, and Cendant franchises 11.8 percent of the entire U.S. hotel room supply, according to Smith Travel Research.Ê All hotels are individually owned and operated under franchise agreements with Cendant subsidiaries.