Business Loans for Hotels and Motels

Looking for business loans for hotels and motels? The SBA may be the answer. This $276,200 hotels and motels loan was issued by a Michigan bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cheboygan, Michigan was able to borrow $276,200 from Citizens National Bank - Cheboygan. The SBA made the loan possible by guaranteeing $138,100 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
CHEBOYGAN, MI 49721

SBA Loan Lender

CITIZENS NATIONAL BANK - CHEBOYGAN
303 N MAIN ST
CHEBOYGAN, MI 49721

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/21/2005

Loan Approval Gross Amount

$276,200

Loan Approval from the SBA

Of the total $276,200 loan amount, the SBA guaranteed $138,100.

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 loan application indicated that the borrowed money would help create 2 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citizens National Bank - Cheboygan and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - Getting Venture Capital

Small Bank Loans in Cheboygan, Michigan

SBA Participating Banks in Michigan