Small Business Loans for Hotels and Motels

Looking for small business loans for hotels and motels? Talk to a banker who works with the SBA. This $420,000 hotels and motels loan was issued by a Tennessee bank.

This company knew how to go about getting a business bank loan. Based in Robinsonville, Mississippi, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was First State Bank, based in Martin, Tennessee.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
ROBINSONVILLE, MS 38664

SBA Loan Lender

FIRST STATE BANK
126 UNIVERSITY PLAZA
MARTIN, TN 38237

This lender issued this SBA small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/21/2003

Loan Approval Gross Amount

$420,000

Loan Approval from the SBA

Of the total $420,000 loan amount, the SBA guaranteed $315,000.

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 only one employee. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

If you need money to start business in Robinsonville MS, you ought to talk with a local Robinsonville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Robinsonville businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

VC Firms on Twitter

SBA 7A Lenders in Martin, Tennessee

Getting a Business Loan in Tennessee