Raising Money for Hotels and Motels

Looking for business loans for hotels and motels? An SBA loan may be just what you've been looking for. This $656,000 hotels and motels loan was issued by a California bank.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Westamerica Bank, out of Fairfield, California. The loan was granted and they received $656,000 to help grow their Ferndale, California business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
FERNDALE, CA 95536

SBA Loan Lender

WESTAMERICA BANK
4560 MANGELS BLVD
FAIRFIELD, CA 94534

At the time this loan was granted, this bank participated in the SBA's Certified Lenders Program (CLP). This program was created to offer speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

3/15/2001

Loan Approval Gross Amount

$656,000

Loan Approval from the SBA

Of the total $656,000 loan amount, the SBA guaranteed $492,000.

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 2 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

We can help you find the best banks for small businesses in Ferndale or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Choosing VC Firms

Small Bank Loans in Fairfield, California

California SBA 7A Lenders