Citizens Bank SBA Loan to Hotels And Motels Company

Citizens Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Carolina entrepreneur was able to get a loan to take a small business to the next level.

This business knew how to go about getting a business bank loan. Based in Sumter, South Carolina, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Citizens Bank, based in Elizabethton, Tennessee.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
SUMTER, SC 29154

SBA Loan Lender

CITIZENS BANK
300 BROAD ST
ELIZABETHTON, TN 37643

This SBA bank loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA promises a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/21/2002

Loan Approval Gross Amount

$670,000

Loan Approval from the SBA

Of the total $670,000 loan amount, the SBA guaranteed $502,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Citizens Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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