Commercial Loans 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 $1,120,000 was given to a Connecticut entrepreneur in 2004.

This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Commerce Bank, out of Philadelphia, Pennsylvania. The loan was granted and they received $1,120,000 to help grow their New London, Connecticut business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
NEW LONDON, CT 06320

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

12/16/2004

Loan Approval Gross Amount

$1,120,000

Loan Approval from the SBA

Of the total $1,120,000 loan amount, the SBA guaranteed $840,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 2 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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