Borrowing Money for Hotels and Motels

Looking for loans for hotels and motels? The SBA may be the answer. This $200,000 hotels and motels loan was issued by a Massachusetts bank.

Getting a small business loan in Salisbury, Massachusetts was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Td Banknorth, operating out of Boston, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
SALISBURY, MA 01952

SBA Loan Lender

TD BANKNORTH
75 FEDERAL ST
BOSTON, MA 02110

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/1/2002

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 3 employees. The loan application did not indicate that the company promised to use the funding to add employees or retain any existing employees.

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

If you want money for new small business in Salisbury MA, you ought to talk with a local Salisbury SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Salisbury businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Td Banknorth that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Investor Turnoffs

SBA Participating Banks in Boston, Massachusetts

Massachusetts SBA 7A Lenders