How to Get a Loan 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 $450,000 was given to a Minnesota entrepreneur in 2002.

Getting a small business loan in Fairmont, Minnesota was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First State Bank Southwest, operating out of Worthington, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
FAIRMONT, MN 56031

SBA Loan Lender

FIRST STATE BANK SOUTHWEST
1433 OXFORD ST
WORTHINGTON, MN 56187

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

4/24/2002

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $297,000.

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 3 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Angel Investors

Small Bank Loans in Worthington, Minnesota

Minnesota SBA Banks