Where to Get Capital for Hotels and Motels

Looking for SBA loans for hotels and motels? Talk to a banker who works with the SBA. This $700,000 hotels and motels loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Pierre, South Dakota, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Kleinbank, based in Big Lake, Minnesota.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
PIERRE, SD 57501

SBA Loan Lender

KLEINBANK
611 ROSE DR
BIG LAKE, MN 55318

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

11/14/2006

Loan Approval Gross Amount

$700,000

Loan Approval from the SBA

Of the total $700,000 loan amount, the SBA guaranteed $525,000.

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 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

We can help you find the best banks for small businesses in Pierre or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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