Loans for Hotels and Motels

With these loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $666,317 was given to a Minnesota entrepreneur in 2004.

Getting a small business loan in Brainerd, Minnesota was important for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Peoples National Bank Of Mora, operating out of Brainerd, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
BRAINERD, MN 56401

SBA Loan Lender

PEOPLES NATIONAL BANK OF MORA
601 W WASHINGTON ST
BRAINERD, MN 56401

This 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.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/2/2004

Loan Approval Gross Amount

$666,317

Loan Approval from the SBA

Of the total $666,317 loan amount, the SBA guaranteed $499,738.

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 documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Peoples National Bank Of Mora 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 Much Venture Capital Is There?

SBA Banks in Brainerd, Minnesota

Minnesota SBA 7A Lenders