How to Get a Loan for Hotels and Motels

With these business loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $150,000 was given to a Minnesota entrepreneur in 2004.

Getting a small business loan in Angle Inlet, Minnesota was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Border State Bank, operating out of Roseau, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
ANGLE INLET, MN 56711

SBA Loan Lender

BORDER STATE BANK
1083 3RD ST NW
ROSEAU, MN 56751

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/30/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Border State Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

How to Raise Money

Find an SBA Lender in Roseau, Minnesota

Minnesota SBA 7A Lenders