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December 22, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Burke, Business Loans > First Fidelity Bank Burke Business Loans > Hotels And Motels Loan | ||||
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Business Loans for Gregory Small Business Owners
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Getting an SBA Loan for Hotels and MotelsLooking for commercial loans for hotels and motels? The SBA may be the answer. This $120,000 hotels and motels loan was issued by a South Dakota bank. This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First Fidelity Bank, out of Burke, South Dakota. The loan was granted and they received $120,000 to help grow their Gregory, South Dakota business. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender FIRST FIDELITY BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 4/7/2004 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for a new 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. The SBA loan application for the borrower did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Borrowing Money from Friends and Family SBA Participating Banks in Burke, South Dakota
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