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 $685,000 was given to a Michigan entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Ontonagon, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was The Huntington National Bank, based in Canton, Ohio.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
ONTONAGON, MI 49953

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
220 MARKET AVE SOUTH, UNITED
CANTON, OH 44702

This lender provides SBA small business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/24/2004

Loan Approval Gross Amount

$685,000

Loan Approval from the SBA

Of the total $685,000 loan amount, the SBA guaranteed $513,750.

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 2 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

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

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.

Good Banks for Small Business in Canton, Ohio

SBA Ohio Banks

Requirements for Small Businesses On Getting a Loan

Borrowing Money for Hotels and Motels