Main Street Registry

Residence Inn by Marriott

Cedar Rapids, IA · Hotels (except Casino Hotels) and Motels · NAICS 721110

Residence Inn by Marriott, a hotel business in Cedar Rapids, Iowa, classified under NAICS 721110 for hotels except casino hotels and motels, was approved for an SBA 504 loan of $2,695,000 to finance real estate or equipment through an SBA 504 loan.

SBA 504 loan, approved Mar 18, 2025

$2,695,000 SBA portionCDC: Iowa Business Growth Company25 years termApproved, not yet fundedLoan details
SBA (CDC) portion
$2,695,000
Bank portion
$4,311,700
Estimated project size
$7,785,222 (estimated)
Estimated owner equity
$778,522 (estimated, about 10% of the project)
Bank lender
Celtic Bank Corporation, Salt Lake City, UT
CDC
Iowa Business Growth Company
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
March 18, 2050 (estimated, approval date plus term)
Loan status
Approved, not yet funded
Jobs supported
2
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Residence Inn by Marriott
Project location
Linn County, IA
SBA district office
Des Moines District Office
Congressional district
IA-1
Collateral
Yes

Estimated share of project by source

Bank 55% SBA (CDC) 35% Owner 10%

  • Larger than 54% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in Iowa: $1,994,971.

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 Iowa