Raising Money for Hotels and Motels

Looking for business loans for hotels and motels? The SBA may be the answer. This $366,000 hotels and motels loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Faribault, Minnesota was able to borrow $366,000 from M&i Marshall & Ilsley Bank. The SBA made the loan possible by guaranteeing $274,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
FARIBAULT, MN 55021

SBA Loan Lender

M&I MARSHALL & ILSLEY BANK
6625 LYNDALE AVE SOUTH
RICHFIELD, MN 55402

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/26/2001

Loan Approval Gross Amount

$366,000

Loan Approval from the SBA

Of the total $366,000 loan amount, the SBA guaranteed $274,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This SBA loan was for $366,000. How would you spend $366,000 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.

Related Links:

Role of Business Plan When Raising Money

Best Richfield, Minnesota Banks for Small Business

SBA Participating Banks in Minnesota