Commercial Loans for Bed-and-Breakfast Inns

With these commercial loans for bed-and-breakfast inns, the SBA guarantees the lender that the loan will be repaid. This bed-and-breakfast inns loan for $1,900,000 was given to a Rhode Island entrepreneur in 2003.

This business knew how to go about getting a business bank loan. Based in Block Island, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Home Loan Invest Bank F.S.B., based in Warwick, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: BED-AND-BREAKFAST INNS
BLOCK ISLAND, RI 02807

SBA Loan Lender

HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721191 - Bed-and-Breakfast Inns

Loan Approval Date

5/2/2003

Loan Approval Gross Amount

$1,900,000

Loan Approval from the SBA

Of the total $1,900,000 loan amount, the SBA guaranteed $999,970.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,900,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Advice on Getting a Small Business Loan

SBA 7A Banks in Warwick, Rhode Island

Getting an SBA Loan in Rhode Island