Financing for Hotels and Motels

With these loans for hotels and motels, the SBA guarantees the lender that the loan will be repaid. This hotels and motels loan for $1,333,000 was given to a North Carolina entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Winston Salem, North Carolina was able to borrow $1,333,000 from The Huntington National Bank. The SBA made the loan possible by guaranteeing $999,750 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
WINSTON SALEM, NC 27101

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
66 S THIRD ST
COLUMBUS, OH 43215

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/24/2003

Loan Approval Gross Amount

$1,333,000

Loan Approval from the SBA

Of the total $1,333,000 loan amount, the SBA guaranteed $999,750.

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 24 employees. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

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

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

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,333,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Bank Credit Lines

Good Banks for Small Business in Columbus, Ohio

Find an SBA Lender in Ohio