Commercial Loans for Hotels and Motels

Looking for commercial loans for hotels and motels? Try the SBA. This $78,000 hotels and motels loan was issued by a Minnesota bank.

This small business knew how to go about getting a business bank loan. Based in Sandstone, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First National Bank - No., based in Sandstone, Minnesota.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
SANDSTONE, MN 55072

SBA Loan Lender

FIRST NATIONAL BANK - NO.
510 MAIN ST
SANDSTONE, MN 55072

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

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

2/21/2002

Loan Approval Gross Amount

$78,000

Loan Approval from the SBA

Of the total $78,000 loan amount, the SBA guaranteed $66,300.

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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First National Bank - No. and they will explain how you can get an SBA loan for your company.

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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