Greer State Bank Provides Financing to Mehta Enterprises for the Acquisition of the Howard Johnson Inn

Package will allow company to implement property improvements including future upfit opportunities

Greer, SC (I-Newswire) March 5, 2013 - Greer State Bank recently provided acquisition and permanent financing to Mehta Enterprises for their purchase of the Howard Johnson Inn located in Spartanburg. Partnering with the Appalachian Development Corporation, Greer State Bank was able to provide SBA 504 program financing as part of the total financing package. The 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. The Howard Johnson Inn is located just off I-26 near the I-85 interchange and is adjacent to the Spartanburg Expo Center.

"This is a great opportunity for Mehta Enterprises who has a successful track record in the lodging industry," said Tim Lincolnhol, Senior Vice President with Greer State Bank. "The financing solution that we put together provides them with a favorable baseline on which to achieve positive operating results now and for future growth."

Jatin Mehta, Principal with Mehta Enterprises added, "Greer State Bank has always demonstrated a willingness to find creative financing solutions for our business needs. With this acquisition of the Howard Johnson Inn, we now have the ability to implement improvements that will enhance the hotel as an attractive lodging option for those visiting the Upstate."

Mr. Mehta further commented that the hotel will be upgraded immediately with new beds and future renovation plans calling for decor improvements and other upfit opportunities.

About Greer State Bank

Now in its twenty-fifth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. More information on Greer State Bank can be found on the company website at

# # #

Contact Information

Greer State Bank
William Russell
1111 West Poinsett Street
Phone : 8648772000

Published in:


Published On:

March 5, 2013

Print Release:

Print Release

If you have questions regarding information in this press release contact the company listed above. is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.

Related Releases

Project Management Courses: Boosting Your Work Productivity
Professionals who want to get better job opportunities should take into account taking up project management courses. This will undoubtedly boost your performance, and help you get a greater position.

Irvine Pacific Debuts Two New Neighborhoods This Weekend In Cypress Village
April 26 Grand Opening of Jasmine, Laurel Neighborhoods, "Single-Family Homes Perfect for Growing Families", Village Part of Highly Acclaimed Irvine Unified School District, Close To Employment, Shopping, Dining and Resort-Style Amenities

Meet Andrew the Newest Member of the Phil Jawny Group in Raleigh, NC
The Phil Jawny Mortgage Group located in Raleigh, NC is proud to have the newest member, Andrew Kornowski aboard in the position of Mortgage Team Manager.

PBS Is Out of the Blocks
PBS is out of the blocks with its new rebrand now offers complete marketing communication, printing and promotional products that allow for improved brand management, increase efficiencies, and reduce costs.

Australian Government's Frustration on RBA Stance 'risks Central Bank's Independence' States Alocoveritas' Earl Reginald Stevenson
"The question here is not should rates be lower or higher, but is it worth the risk of impugning the independence of the Reserve Bank," said Alcoveritas' Senior Managing Partner, Earl Reginald Stevenson in Sydney, Australia.