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