Commercial Loans for Bed-and-Breakfast Inns

Looking for commercial loans for bed-and-breakfast inns? An SBA loan may be just what you've been looking for. This $75,000 bed-and-breakfast inns loan was issued by a Rhode Island bank.

This small business knew how to go about getting a business bank loan. Based in Newport, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Minority Invest Devel Corp., based in Providence, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
NEWPORT, RI 02840

SBA Loan Lender

MINORITY INVEST DEVEL CORP.
216 WEYBOSSET ST., STE. 2
PROVIDENCE, RI 02903

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

5/11/2001

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Minority Invest Devel Corp. 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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