Hotels and Motels Small Business Loans
With these small business loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $1,100,000 was given to a Washington entrepreneur in 2004.
This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with City Bank, out of Lynnwood, Washington. The loan was granted and they received $1,100,000 to help grow their Federal Way, Washington business.
SBA Loan Borrower
COMPANY TYPE: HOTELS AND MOTELS
FEDERAL WAY, WA 98003
SBA Loan Lender
CITY BANK
14807 HWY 99
LYNNWOOD, WA 98087
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
721110 - Hotels and Motels
Loan Approval Date
5/10/2004
Loan Approval Gross Amount
$1,100,000
Loan Approval from the SBA
Of the total $1,100,000 loan amount, the SBA guaranteed $825,000.
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 SBA loan documents indicated that the loan would help retain 3 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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.
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