Hotels and Motels Business Loans

Looking for business loans for hotels and motels? An SBA loan may be just what you've been looking for. This $620,000 hotels and motels loan was issued by a California bank.

Getting a small business loan in Lomita, California was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Pacific Western Bank, operating out of Rosemead, California. Here are the details on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
LOMITA, CA 90717

SBA Loan Lender

PACIFIC WESTERN BANK
8941 E VALLEY BLVD
ROSEMEAD, CA 91770

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

8/8/2001

Loan Approval Gross Amount

$620,000

Loan Approval from the SBA

Of the total $620,000 loan amount, the SBA guaranteed $465,000.

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 loan application indicated that the loan would help retain 3 existing jobs.

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Pacific Western Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - How to Borrow Money

Best Rosemead, California Banks for Small Business

Getting a Business Loan in California