Last quarterly update:
According to Ibis World, there are 74,372 hotels, and the hotel industry generated $166.5 billion in revenue in the United States alone last year. This represents an annual growth rate of 4.7% over the past 5 years. Industry profits were $26.0 billion, and wages paid to hotel employees totaled $42.7 billion. Given that, there is no doubt that hotel is one of the fastest growing in the hospitality industry. So, if you’re planning to build your own, allow us to help you find the best bank to help you start.
1) Bank of George — LAS VEGAS, NV
2017: 48 loans, $1,720,252 average loan, average interest rate 6.0%
Bank of George is distinguished as an “SBA Preferred Lender.” As a leader in SBA Lending, they are able to provide a quicker, more streamlined process for their borrowers. By providing an attractive alternative to conventional loans, this bank helps small businesses grow by offering longer amortizations, lower equity contributions and flexible terms.
2) NOA Bank — DULUTH, GA
2017: 45 loans, $1,583,700 average loan, average interest rate 5.9%
With more liberal repayment terms and collateral requirements than conventional loans, NOA Bank offers SBA loans, small business customers the financing they need, as well as the necessary flexibility. NOA Bank can definitely help your business grow by providing the financial assistance you need.
3) The MINT National Bank — KINGWOOD, TX
2017: 39 loans, $1,558,197 average loan, average interest rate 6.1%
With more liberal repayment terms and collateral requirements than conventional loans, NOA Bank offers SBA loans, small business customers the financing they need, as well as the necessary flexibility. NOA Bank can definitely help your business grow by providing the financial assistance you need.
4) First Western — Dallas, TX
2017: 38 loans, $2,040,053 average loan, average interest rate 6.3%
With more liberal repayment terms and collateral requirements than conventional loans, NOA Bank offers SBA loans, small business customers the financing they need, as well as the necessary flexibility. NOA Bank can definitely help your business grow by providing the financial assistance you need.
5) Pacific Premier Bank — IRVINE, CA
2017: 37 loans, $2,456,995 average loan, average interest rate 5.8%
Pacific Premier Bank offers Small Business Administration (SBA) and other government guaranteed programs on a national basis to give entrepreneurs and small business owners access to the funds they need. As a nationwide SBA Preferred Lender, they offer expedient loan decisions and a streamlined application process. Their experienced and local business development officers will work with you to find the right programs and loan structure to meet your goals and objectives.
6) Bank of Hope — LOS ANGELES, CA
2017: 36 loans, $2,661,725 average loan, average interest rate 5.3%
Bank of Hope has carved out a niche in hotel SBA loans, ranking #1 overall on our list. Headquartered in LA, Bank of Hope specializes in financial services for the Korean-American community. It’s no surprise that Bank of Hope is # 1 for hotel SBA lending as they are the lowest cost lender on our list as well.
7) Commonwealth Business Bank — LOS ANGELES, CA
2017: 33 loans, $1928,388 average loan, average interest rate 5.6%
Being committed to providing exceptional services for the success of our customers, CBB is experienced in simplifying the lending process to better meet each customer’s specific needs. We are a member of the Preferred Lenders Program (PLP).
To help you further on your search, here is a complete list of the top banks for hotel and motel small business SBA loans:
| Rank | Bank | City | State | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|---|
| 1 | NOA Bank | Duluth | GA | 102 | $1,740,936 | 6.2% |
| 2 | Bank of George | Las Vegas | NV | 95 | $2,051,575 | 6.4% |
| 3 | Bank of Hope | Los Angeles | CA | 76 | $2,722,218 | 5.7% |
| 4 | Celtic Bank | Salt Lake City | UT | 74 | $2,230,714 | 6.8% |
| 5 | First Western SBLC | Dallas | TX | 72 | $2,073,889 | 6.6% |
| 6 | Pacific Premier Bank | Irvine | CA | 63 | $2,538,938 | 6.0% |
| 7 | The MINT National Bank | Kingwood | TX | 56 | $1,644,370 | 6.4% |
| 8 | Commonwealth Business Bank | Los Angeles | CA | 48 | $2,221,538 | 5.8% |
| 9 | Hana Small Business Lending | Los Angeles | CA | 47 | $1,734,894 | 6.1% |
| 10 | Pinnacle Bank | Morgan Hill | CA | 42 | $2,472,512 | 5.8% |
| 11 | BankUnited | Miami Lakes | FL | 41 | $2,377,132 | 6.2% |
| 12 | Embassy National Bank | Lawrenceville | GA | 33 | $1,863,636 | 6.3% |
| 13 | Readycap Lending, LLC | New Providence | NJ | 33 | $1,980,442 | 6.6% |
| 14 | First Bank | Southern Pines | NC | 31 | $2,807,558 | 6.3% |
| 15 | Millennium Bank | Des Plaines | IL | 28 | $2,080,096 | 6.2% |
| 16 | US Metro Bank | Garden Grove | CA | 28 | $3,014,446 | 5.7% |
| 17 | Northeast Bank | Lewiston | ME | 27 | $2,508,704 | 6.4% |
| 18 | Open Bank | Los Angeles | CA | 27 | $2,378,733 | 5.8% |
| 19 | Savoy Bank | New York City | NY | 26 | $2,757,731 | 5.9% |
| 20 | Pacific City Bank | Los Angeles | CA | 25 | $2,299,960 | 5.5% |
| 21 | First IC Bank | Doraville | GA | 24 | $1,909,875 | 6.1% |
| 22 | Wallis State Bank | Wallis | TX | 24 | $2,228,013 | 6.5% |
| 23 | New Millennium Bank | New Brunswick | NJ | 23 | $2,832,152 | 5.8% |
| 24 | North State Bank | Raleigh | NC | 22 | $2,479,045 | 6.4% |
| 25 | Quantum National Bank | Suwanee | GA | 22 | $2,150,373 | 5.7% |
| 26 | Noah Bank | Elkins Park | PA | 21 | $3,913,571 | 6.4% |
| 27 | Mountain Pacific Bank | Everett | WA | 20 | $2,514,275 | 6.0% |
| 28 | The Bancorp Bank | Wilmington | DE | 19 | $1,854,463 | 6.4% |
| 29 | Western Commerce Bank | Carlsbad | NM | 18 | $1,645,328 | 5.7% |
| 30 | Citizens Bank | Elizabethton | TN | 17 | $3,283,288 | 6.1% |
| 31 | Commercial Bank of California | Irvine | CA | 16 | $2,636,844 | 5.9% |
| 32 | Republic Bank | Philadelphia | PA | 16 | $2,995,000 | 5.9% |
| 33 | United Midwest Savings Bank | De Graff | OH | 16 | $2,040,375 | 6.0% |
| 34 | Seacoast Commerce Bank | San Diego | CA | 15 | $2,300,733 | 6.2% |
| 35 | Byline Bank | Chicago | IL | 14 | $1,780,986 | 7.0% |
| 36 | Royal Business Bank | Los Angeles | CA | 14 | $4,313,679 | 5.8% |
| 37 | American Pride Bank | Macon | GA | 13 | $2,483,846 | 6.3% |
| 38 | Harvest Small Business Finance | Laguna Hills | CA | 13 | $2,630,262 | 6.9% |
| 39 | New Buffalo Savings Bank | New Buffalo | MI | 13 | $2,751,308 | 5.5% |
| 40 | TD Bank | Wilmington | DE | 13 | $561,923 | 8.3% |
| 41 | First Colorado National Bank | Paonia | CO | 12 | $2,227,933 | 6.5% |
| 42 | Hanmi Bank | Los Angeles | CA | 12 | $2,059,500 | 5.6% |
| 43 | Home Loan Investment Bank | Warwick | RI | 12 | $3,124,542 | 6.7% |
| 44 | Simmons Bank | Pine Bluff | AR | 12 | $1,618,167 | 5.9% |
| 45 | Huntington National | Columbus | OH | 12 | $955,517 | 6.7% |
| 46 | NewBank | New York City | NY | 11 | $4,685,455 | 6.4% |
| 47 | Newtek Small Business | Lake Success | NY | 11 | $1,306,455 | 7.3% |
| 48 | Santa Cruz County Bank | Santa Cruz | CA | 11 | $1,837,091 | 6.2% |
