SBA Loan from Unity Bank Helps Hotels And Motels Company

An SBA loan from Unity Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Baltimore, Maryland business owner got a $1,510,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Unity Bank, out of Clinton, New Jersey. The loan was granted and they received $1,510,000 to help grow their Baltimore, Maryland business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
BALTIMORE, MD 21207

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

4/4/2002

Loan Approval Gross Amount

$1,510,000

Loan Approval from the SBA

Of the total $1,510,000 loan amount, the SBA guaranteed $999,998.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 22 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are raising money in Baltimore MD, you ought to talk with a local Baltimore SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Baltimore businesses.

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 Unity 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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