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2020Small Business Loans for Bed & Breakfasts – SBA Pays the First 6 Months, Rose Petal Ice Cream!
New SBA 7 Loan Adapted with 6 Months of No Payments.
If you are struggling with a loan of $500,000 or more this loan newly adapted to the current economic stress allows for 6 months forbearance.
SPECIAL NEWS FROM Small Business Administration
As part of SBA’s debt relief efforts, If you refinance from a high-interest conventional/commercial/
The SBA will automatically pay for 6 months the principal and interest, on a new 7(A), loan issued prior to September 27, 2020
Current prime interest rate is 3.25%. Banks are still lending nationwide at prime plus 2% to 3% depending on certain conditions.
Lending Criteria:
- *Loans minimum from $550,000 to $5,000,000 Nationwide
- *Minimum credit score 680
- *Franchise, Independent Inns & Historic Inns
- *Must be Commercial Real Estate
This information was provided by Raj Vakharia. You may contact your closest SBA lender OR contact Raj directly for free consultation between 10AM to 6PM EST Office: 678-249-0022 Email info@rajvakharia.com
There’s A New Chapter 11
Cheaper & Easier
If you are a small business that needs to file bankruptcy to save your inn, you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code. Subchapter V was part of the Small Business Reorganization Act (“SBRA”), which became law in February. It created a more streamlined and less expensive Chapter 11 reorganization path for small business debtors.
First Case for Subchapter V – A 3-Room B&B In NY
In a case decided last week, a Bankruptcy Judge in New York provided a first look at Subchapter V in action. Recognizing its usefulness during the COVID-19 pandemic, he wrote: “Had Congress been given a crystal ball with the power to see what the world is facing today, including the severe disruption to our Nation’s economy and its impact on small businesses, Congress likely could not have drafted a more effective set of mechanisms to help these businesses reorganize and hopefully survive.”
The case is particularly instructive for small business owners in the lodging and hospitality industry struggling to pay their mortgage. It involved the Harbor Rose, a luxury bed and breakfast on Long Island. The debtor, Dierdre Ventura, bought the property in 2007 with a loan from Wells Fargo. The loan was secured with a mortgage on the property. Wells Fargo later assigned its note and mortgage to Gregory Funding. Ventura also lived in the property (a town requirement for a bed and breakfast permit).
Ventura defaulted on her loan and Gregory started foreclosure. The loan balance exceeded the property’s value. In late 2018, Ventura filed a traditional Chapter 11 and the case puttered along for over a year with no resolution.
Ventura’s plan sought to bifurcate her mortgage into a secured and unsecured claim and to pay only the secured portion in full. But she resided in the property and the pre-SBRA Bankruptcy Code prohibited modification of a claim secured by a lien on a primary residence. So Ventura’s plan was dead on arrival and the Harbor Rose was headed to the auction block. But before that happened, Subchapter V took effect and Ventura converted her case to a Subchapter V case.
How To Ask Guests To Help
Make It Clear to Guests How They Can Help
Most of your guests hold you and their experience at your inn close to their hearts. Many are considering all the Help Local Business messages. And some of your guests are probably able and would enjoy contributing to your success. Here’s how one innkeeper asked:
“We want to thank all of you who have reached out to us to see you how we are doing. We are so very grateful for THE absolute best guests – hands down-no argument!
“Many of you have asked what you can do during this time to help and we are so appreciative. If you would like to help us during these times, there are a couple of things that would be greatly appreciated:
- Reviews If you had a wonderful stay and forgot to write us a review on Trip Advisor or Google, that would be a tremendous help and have a positive impact once we open our doors again.
- Follow us on Social Media. Instagram, Facebook, Twitter – Share our posts and then be sure to TAG us when you do.
- Plan ahead and book your future stay … look ahead to the summer and fall and choose one of our luxurious and beautiful rooms, and plan the getaway we all will need after these stressful times ……
Don’t Go Silent – Harness the power of technology
You have a captive audience during this period!! So now is the best time to send newsletters with solid content.
Hotel Marketing — https://www.
Optimize your email marketing, Instagram, Facebook and most of all, your website.
Contact iloveinns.
Help Me Harness the Power of My Website & Internet Assets
Two Comfort Foods to Try
Rose Petal Ice Cream & Milk Bread
If you need a recipe for including in your newsletters,. blogs or Instagram//Facebook – offer a Comfort Food.
Here’s my favorite – Ice Cream from L’Auberge Provencal
Rose Petal Ice Cream
Ingredients:
16 egg yolks
14 oz. sugar
4 oz. rose water
4 c. milk
1 qt. cream
1 c. rose petals assorted and chopped
Directions:
Whip egg yolks and sugar until it forms a ribbon
Simmer milk and rose water
Add milk mixture to yolk mixture until well blended
Pour back into pan and stir over low heat until slightly thick and coats back of spoon
Remove from stove and strain into container
Add cream and completely cool
Freeze according to ice cream machine manual
After freezing, soften ice cream slightly and fold chopped rose petals
For the most beautifully photographed inn breakfast you have ever seen, visit L’Auberge Provencale
https://www.
Here are 17 Comfort Foods
Milk Bread – And here’s one for Kindred’s Milk Bread – its made with powdered milk and received more than 400 likes on this food blog.