SBA Government Loans
As we closely monitor the impact COVID-19 is having on our industry, we’d like to take this opportunity to remind you that the Small Business Administration (SBA) is offering disaster relief loans of up to $2 million for small businesses adversely impacted by this situation to help overcome the temporary loss of revenue. These loans are made directly by the government and not by lenders and banks.
Here is a link to the three-step process:
- https://disasterloan.sba.gov/ela/
- Borrowers will need to create a login account to start
- Click on the circles and it takes you to the website to get started
Related Post: Small Business Loan Resources
Now may also be the perfect time to discuss refinancing to take advantage of the recent Federal rate drops. Despite rumors to the contrary, lenders are still lending on lodging properties and we have strong, qualified Small Business Administration (SBA) hospitality lenders available to assist you with exploring available loans suitable for your business. Send us a quick email and we’ll connect you with options for financing
Hospitality has been, and will always be an industry based on cycles. The industry always recovers.” – Joseph Kennedy, CHB
We’re here to help you with an action plan specific to your immediate needs so please don’t hesitate to reach out to us — the entire CIP Team is here for you. We look forward to continuing to provide you with industry insights and best practices moving forward.
