How to Get a Loan for Hotels and Motels

Looking for business loans for hotels and motels? The SBA may be the answer. This $1,425,000 hotels and motels loan was issued by a Minnesota bank.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Kleinbank, out of Norwood Young America, Minnesota. The loan was granted and they received $1,425,000 to help grow their Brooklyn Center, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
BROOKLYN CENTER, MN 55430

SBA Loan Lender

KLEINBANK
800 FAXON RD
NORWOOD YOUNG AMERICA, MN 55368

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

7/15/2004

Loan Approval Gross Amount

$1,425,000

Loan Approval from the SBA

Of the total $1,425,000 loan amount, the SBA guaranteed $1,068,750.

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 24 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Kleinbank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Borrowing Money from Friends and Family

SBA Banks in Norwood Young America, Minnesota

SBA Participating Banks in Minnesota