SBA Loans 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 $1,250,000 was given to an Illinois entrepreneur in 2001.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Cit Small Business Lending Corp, out of Golden, Colorado. The loan was granted and they received $1,250,000 to help grow their Charleston, Illinois business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
CHARLESTON, IL 61920

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1526 COLE BLVD., BLDG #3, STE
GOLDEN, CO 80401

This commercial loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending track record and a thorough understanding of SBA lending rules and regulations.

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

3/13/2001

Loan Approval Gross Amount

$1,250,000

Loan Approval from the SBA

Of the total $1,250,000 loan amount, the SBA guaranteed $937,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application did not indicate that the small business planned to use the funding to increase staffing levels 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 important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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