Borrowing Money for Hotels and Motels

Looking for small business loans for hotels and motels? Talk to a banker who works with the SBA. This $1,955,000 hotels and motels loan was issued by an Oklahoma bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hot Springs Village, Arkansas was able to borrow $1,955,000 from Onb Bank And Trust Company. The SBA made the loan possible by guaranteeing $1,466,250 of this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
HOT SPRINGS VILLAGE, AR 71910

SBA Loan Lender

ONB BANK AND TRUST COMPANY
2424 E 21ST ST, STE 100
TULSA, OK 74114

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/13/2007

Loan Approval Gross Amount

$1,955,000

Loan Approval from the SBA

Of the total $1,955,000 loan amount, the SBA guaranteed $1,466,250.

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 10 employees. The loan application indicated that the loan would help retain 10 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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