New Jersey Business
Summary
It may not sound romantic, but do not tell that to small-business owners who have found their lending soul mate through online matchmaker BoeFly. Miller brought three offers to Reyes, who eventually went with a small bank in eastern Pennsylvania for the $2.87 million loan. “I was surprised by the number of lenders,” Reyes said, adding that hospitality and hotel businesses were not the most attractive borrowers to investors at the time. Reyes said, because of the speed of the process, he was able to take advantage of a Small Business Administration loan that was 90 percent guaranteed, which would have expired Dec. 31, 2010. The loan Reyes selected was more favorable than the terms he originally anticipated, allowing him to inject some working capital back into the Inn.
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