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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Cloud, Business Loans > Stearns Bank Saint Cloud Business Loans > Hotels And Motels Loan | ||||
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How Do We Get a Business Loan in Ely, Minnesota?
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Hotels and Motels Business LoansLooking for business loans for hotels and motels? An SBA loan may be just what you've been looking for. This $442,000 hotels and motels loan was issued by a Minnesota bank. This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Stearns Bank, out of Saint Cloud, Minnesota. The loan was granted and they received $442,000 to help grow their Ely, Minnesota business. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender STEARNS BANK This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 11/28/2003 Loan Approval Gross Amount $442,000 Loan Approval from the SBA Of the total $442,000 loan amount, the SBA guaranteed $331,500. 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 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs. Next Steps for Getting an SBA Loan 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. We've showcased information on this loan to let you know that businesses like yours 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: SBA 7A Banks for Saint Cloud, Minnesota Loans
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