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 GreerStateBank.com.

# # #






Contact Information

Greer State Bank
William Russell
1111 West Poinsett Street
29650
Phone : 8648772000

Published in:

Business

Published On:

March 5, 2013

Print Release:

Print Release

If you have questions regarding information in this press release contact the company listed above. I-Newswire.com 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 I-Newswire.com 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

MBK Media Group Announces Availability of Luxury Business Cards
MBK Media Group is announcing immediate availability of Luxury Business Cards, enabling business owners that currently carry the standard business card to immediately upgrade their business card to a conversati

IOR Receives Circle of Excellence Award
IOR Global Services is pleased to announce its acceptance of the 2013 AIReS Circle of Excellence Award.

$8 Million in Inventory Sold in 8 Weeks at 1200 The Ocean
This is the first oceanfront construction in Hillsboro Beach in over 10 years; it's on the only remaining available site of its kind in the area and there will be only 18 residences priced to $2 million+. Limited opportunities spur rapid sales.

Factor Global Consulting to Organize Series of Events to Help Indian Firms Tap into Global Markets
Under it's Global Business Expansion Program to export 1000 Indian Mid Size Service Brands to opportune markets by 2018

Alsbridge Opens Global-In-House Captive Center in Bangalore
Alsbridge announces the setting up of its first global-in-house 'captive' center in Bangalore, India as a KPO for its various businesses and software development & support center.