Financing for Hotels and Motels

With these commercial loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $591,500 was given to a Texas entrepreneur in 2003.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Stearns Bank, out of Saint Cloud, Minnesota. The loan was granted and they received $591,500 to help grow their Midland, Texas business.

SBA Loan Borrower

COMPANY TYPE: MEMBERSHIP-BASED ORGANIZATION HOTELS AND LODGING
MIDLAND, TX 79701

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7041 - Membership-Based Organization Hotels and Lodging

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/16/2003

Loan Approval Gross Amount

$591,500

Loan Approval from the SBA

Of the total $591,500 loan amount, the SBA guaranteed $443,625.

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 4 employees. The SBA loan documents did not indicate that the company promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Stearns Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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