How to Get a Loan 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 $680,000 was given to a Colorado entrepreneur in 2003.

Getting a small business loan in Ouray, Colorado was important for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First State Bank Of Hotchkiss, operating out of Hotchkiss, Colorado. Here are the details on this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
OURAY, CO 81419

SBA Loan Lender

FIRST STATE BANK OF HOTCHKISS
102 E BRIDGE ST
HOTCHKISS, CO 81419

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/3/2003

Loan Approval Gross Amount

$680,000

Loan Approval from the SBA

Of the total $680,000 loan amount, the SBA guaranteed $510,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 only one employee. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

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Colorado SBA Banks