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 $852,000 was given to a Colorado entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Meeker, Colorado, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First National Bank - Rockies, based in Meeker, Colorado.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
MEEKER, CO 81641

SBA Loan Lender

FIRST NATIONAL BANK - ROCKIES
504 MAIN ST
MEEKER, CO 81641

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/20/2004

Loan Approval Gross Amount

$852,000

Loan Approval from the SBA

Of the total $852,000 loan amount, the SBA guaranteed $639,000.

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 5 employees. The SBA loan documents did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank - Rockies had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank - Rockies made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

SBIR Funding

Good Banks for Small Business in Meeker, Colorado

Where to Get an SBA Loan Colorado