Access to capital in the United States has helped small businesses, including hotels and motels, since the early days of the Great Depression, when loans were offered to help alleviate the crisis.
The hospitality industry has stayed true to its mission over the last century, and longer. When there were travelers seeking a safe and clean place to stay the night, innkeepers were there to provide that service—and even a hot meal. The only thing that’s changed from that equation today is who travels and why, and their demands and expectations.
Our hotels and motels help bolster neighborhood retail corridors, which help create jobs and economic growth. When a small hotel or motel is given a loan, often with the help of a commercial lender, it can mean a local economy gets a needed jump-start or a long-awaited boost. It gives a neighborhood the opportunity to attract new consumers.
This idea, the idea of getting an equal opportunity to develop our talents, is driving America’s economy. Access to capital, much of it via small business loans, is how small businesses employ one out of two workers in this country. We reward our country’s entrepreneurs who take risks by giving them access to capital and the risks pay off.
Small Business Administration loans are becoming a primary tool for hospitality businesses looking to grow and prosper. For example:
Everyday, hospitality entrepreneurs turn to lenders to help realize their dream. Whether it’s an owner wanting to expand and develop a property, or an entrepreneur trying to finance a motel, a small business loan can help a dreamer succeed.
And right now is a great time for dreamers. The economy is adding jobs and more hospitality businesses are seeking to borrow money.
In a speech given in May in Florida, SBA Administrator Maria Contreras-Sweet told the National Association of Guaranteed Government Lenders Annual Meeting:
“Right now, the Mars Rover Curiosity is exploring the surface of another planet in our solar system designed, in part, by five small businesses that received SBA funding. We’re helping small businesses go to outer space, so I believe it’s time for the SBA to be as innovative as the companies we serve – to make it easier for borrowers to borrow and lenders to lend.”
Contreras-Sweet’s outer space reference is in keeping with entrepreneurs dreaming big and taking risks. To borrow, well, cannibalize, a famous astronaut’s quote: if a hospitality business loan is one small step for an entrepreneur, it’s one giant step for the entrepreneur’s community.