Small Business Administration Resources
SBA Loan Deferment
Small Business Administration (SBA) lenders are looking for opportunities to assist their borrowers that are likely to suffer an adverse economic impact from the current crisis.
- Prompt action is critical.
- Hotel owners should be working with their lender to request 2 to 3 months of loan payment deferrals effective immediately.
- If you used a loan broker, go back to that person and ask for assistance.
- SBA Lenders may grant payment deferments of up to 6 months for loans not sold on the secondary market, and up to 3 months (without investor approval) for loans sold on the secondary market.
- On March 10, 2020, SBA published Information Notice 5000-20004 which reminds SBA lenders of their unilateral authority to grant payment deferments in certain circumstances.
SBA Economic Injury Disaster Loan Program (EIDL)
Businesses in the following areas are eligible to submit an application for an SBA Economic Injury Disaster Loan (EIDL):
Idaho: All counties. Click here to apply.
Montana: Flathead, Gallatin, Missoula, Sheridan, Silver Bow, Wheatland, Beaverhead, Broadwater, Daniels, Deer Lodge, Fergus, Glacier, Golden Valley, Granite, Jefferson, Judith Basin, Lake, Lewis and Clark, Lincoln, Madison, Meagher, Mineral, Park, Pondera, Powell, Ravalli, Roosevelt, Sanders, Sweet Grass, and Teton. Click here to apply.
Oregon: All counties. Click here to apply.
Washington: Adams, Asotin, Benton, Chelan, Clallam, Clark, Columbia, Cowlitz, Franklin, Garfield, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Pierce, San Juan, Skagit, Skamania, Snohomish, Spokane, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman, Yakima. Click here to apply.
By State (as of 3/21/20): Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, and West Virginia. Click here to apply.
SBA Low-Interest Loans
The U.S. Small Business Administration (SBA) has now been authorized to offer low-interest commercial federal disaster loans to small businesses suffering as a result of the Coronavirus (COVID-19).
SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.
SBA Local Assistance
SBA works with a number of local partners to counsel, mentor, and train small businesses. The SBA has 68 District Offices, as well as the support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers, and Veterans Business Outreach Centers. When faced with a business need, use the SBA’s Local Assistance Directory to locate the office nearest you.
CIP Lender Referrals
Crystal Investment Property has worked extensively with hospitality lenders to help hotel business owners weather ups and downs in the market. We value our long-term relationships and would like to take this opportunity to make our Lender Referrals available.
We Have Over 100 Lending Sources Who Specialize In:
- SBA, USDA and Conventional Loan Programs
- 10-35% Down payments
- Loans start below $500,000 and can range up to the tens of millions.
- Loans for refinancing and/or renovations of your property.
- Loan terms from 5 to 25 years.
- Funding for hotels and motels in all stages of operations whether new construction, well-run with a strong history, or struggling.
- Financing for independent or franchised hotels and motels.
- Contact CIP for Lender Referrals