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December 21, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Atlanta, Business Loans > Fidelity Bank Atlanta Business Loans > Hotels And Motels Loan | ||||
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Raising Money in Danville, Virginia With SBA Loans
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Raising Money for Hotels and MotelsWith these bank loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $482,000 was given to a Virginia entrepreneur in 2007. This company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Fidelity Bank, out of Atlanta, Georgia. The loan was granted and they received $482,000 to help grow their Danville, Virginia business. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender FIDELITY BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 1/15/2007 Loan Approval Gross Amount $482,000 Loan Approval from the SBA Of the total $482,000 loan amount, the SBA guaranteed $361,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. We can help you find the best banks for small businesses in Danville or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: Role of Business Plan When Raising Money SBA 7A Banks in Atlanta, Georgia
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