Borrowing Money for Hotels and Motels

Looking for loans for hotels and motels? The SBA may be the answer. This $1,380,000 hotels and motels loan was issued by a Washington bank.

This company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with City Bank, out of Lynnwood, Washington. The loan was granted and they received $1,380,000 to help grow their Tukwila, Washington business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
TUKWILA, WA 98168

SBA Loan Lender

CITY BANK
14807 HWY 99
LYNNWOOD, WA 98087

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/17/2000

Loan Approval Gross Amount

$1,380,000

Loan Approval from the SBA

Of the total $1,380,000 loan amount, the SBA guaranteed $749,892.

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 7 employees. The SBA loan application for the borrower indicated that the loan would help retain 6 existing jobs.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $1,380,000. How would you spend $1,380,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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