Borrowing Money for Hotels and Motels

With these loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $347,000 was given to a Michigan entrepreneur in 2005.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Northwestern Bank, out of Traverse City, Michigan. The loan was granted and they received $347,000 to help grow their Interlochen, Michigan business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
INTERLOCHEN, MI 49643

SBA Loan Lender

NORTHWESTERN BANK
625 S GARFIELD
TRAVERSE CITY, MI 49686

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

8/10/2005

Loan Approval Gross Amount

$347,000

Loan Approval from the SBA

Of the total $347,000 loan amount, the SBA guaranteed $260,250.

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 4 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you need business start up money in Interlochen MI, you ought to talk with a local Interlochen SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Interlochen businesses.

We can help you find the best banks for small businesses in Interlochen or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Microlending as a Small Business Funding Source

Banks in Traverse City, Michigan

SBA Michigan Lenders