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April 26, 2024 |
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| Home > Small Business Lenders by State > Delaware Business Loan Sources > Wilmington, Business Loans > Wilmington Trust Company Wilmington Business Loans > Hotels And Motels Loan | ||||
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SBA Loan from Wilmington Trust Company
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SBA Loan from Wilmington Trust Company Helps Hotels And Motels CompanyAn SBA loan from Wilmington Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Smyrna, Delaware business owner got a $120,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Wilmington Trust Company, out of Wilmington, Delaware. The loan was granted and they received $120,000 to help grow their Smyrna, Delaware business. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender WILMINGTON TRUST COMPANY This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a 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. SIC Code 7011 - Hotels and Motels NAICS Code 721191 - Bed-and-Breakfast Inns Loan Approval Date 2/15/2001 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. 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. 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 $120,000 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: Accountant's Role in Securing Financing SBA 7A Banks for Wilmington, Delaware Loans Find an SBA Lender in Delaware
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