Bank Loans for Bed-and-Breakfast Inns

Looking for bank loans for bed-and-breakfast inns? The SBA may be the answer. This $695,000 bed-and-breakfast inns loan was issued by a California bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mendocino, California was able to borrow $695,000 from Westamerica Bank. The SBA made the loan possible by guaranteeing $521,250 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
MENDOCINO, CA 95460

SBA Loan Lender

WESTAMERICA BANK
4560 MANGELS BLVD
FAIRFIELD, CA 94534

When it made this small business loan, this bank participated in the SBA's Certified Lenders Program (CLP). This program aims to ensure quick service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721191 - Bed-and-Breakfast Inns

Loan Approval Date

5/9/2002

Loan Approval Gross Amount

$695,000

Loan Approval from the SBA

Of the total $695,000 loan amount, the SBA guaranteed $521,250.

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 10 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding 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. Westamerica Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Westamerica Bank 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:

Getting a Small Business Loan

SBA Banks in Fairfield, California

SBA California Banks