Borrowing Money for Hotels and Motels

Looking for loans for hotels and motels? Talk to a banker who works with the SBA. This $207,400 hotels and motels loan was issued by a New Mexico bank.

Getting a small business loan in Cloudcroft, New Mexico was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Western Bank, operating out of Alamogordo, New Mexico. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
CLOUDCROFT, NM 88317

SBA Loan Lender

WESTERN BANK
500 9TH & MARYLAND
ALAMOGORDO, NM 88310

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

12/29/2005

Loan Approval Gross Amount

$207,400

Loan Approval from the SBA

Of the total $207,400 loan amount, the SBA guaranteed $103,700.

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 only one employee. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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