Hotels and Motels Small Business Loans

Looking for small business loans for hotels and motels? Talk to a banker who works with the SBA. This $140,000 hotels and motels loan was issued by a South Dakota bank.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First Western Bank, out of Edgemont, South Dakota. The loan was granted and they received $140,000 to help grow their Edgemont, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
EDGEMONT, SD 57735

SBA Loan Lender

FIRST WESTERN BANK
501 2ND AVE
EDGEMONT, SD 57735

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

9/12/2001

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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

SBA Approved Banks in Edgemont, South Dakota

Getting a Business Loan in South Dakota