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Jalaram Hospitality Inc dba Covered Bridge Inn

Oneonta, AL · Hotels (except Casino Hotels) and Motels · NAICS 721110

Jalaram Hospitality Inc dba Covered Bridge Inn is a hotel, motel and related lodging business in Oneonta, Alabama, classified under the industry description Hotels (except Casino Hotels) and Motels. The company was financed with an SBA 7(a) loan for a change of ownership of $1.175 million, approved on November 30, 2023 by IncredibleBank.

SBA 7(a) loan, change of ownership, approved Nov 30, 2023

$1,175,000 approvedLender: IncredibleBank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,175,000
SBA-guaranteed amount
$881,250 (75% of the approval)
Lender
IncredibleBank, Wausau, WI
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.25%, variable
Term
25 years (300 months)
Estimated maturity
November 30, 2048 (estimated, approval date plus term)
Estimated monthly payment
$10,885 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 29, 2023
Loan status
Status not reported (SBA exemption)
Jobs supported
8
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Blount County, AL
SBA district office
Alabama District Office
Congressional district
AL-03
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 7% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in Alabama: $1,764,717.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Alabama