Hotels and Motels Loans

Looking for loans for hotels and motels? Talk to a banker who works with the SBA. This $440,000 hotels and motels loan was issued by a Minnesota bank.

Getting a small business loan in Ely, Minnesota was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Boundary Waters Bank, operating out of Ely, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
ELY, MN 55731

SBA Loan Lender

BOUNDARY WATERS BANK
601 E SHERIDAN ST
ELY, MN 55731

This SBA small business loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending history and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/13/2002

Loan Approval Gross Amount

$440,000

Loan Approval from the SBA

Of the total $440,000 loan amount, the SBA guaranteed $330,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Boundary Waters Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Boundary Waters Bank 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.

Related Links:

Business Incubators

Where to Get an SBA Loan in Ely, Minnesota

SBA Lenders in Minnesota