Where to Get Capital for Hotels and Motels
With these SBA loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $975,000 was given to an Alabama entrepreneur in 2004.
This small business knew how to go about getting a business bank loan. Based in Birmingham, Alabama, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Business Loan Center, LLC, based in New York, New York.
SBA Loan Borrower
COMPANY TYPE: HOTELS AND MOTELS
BIRMINGHAM, AL 35205
SBA Loan Lender
BUSINESS LOAN CENTER, LLC
1633 BROADWAY, 39TH FL
NEW YORK, NY 10019
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
721110 - Hotels and Motels
Loan Approval Date
9/22/2004
Loan Approval Gross Amount
$975,000
Loan Approval from the SBA
Of the total $975,000 loan amount, the SBA guaranteed $731,250.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 3 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Startup Funding Tip
Banks in New York, New York
New York SBA Bank Lenders