SBA Loan Helps Build Dream

After a relaxing, enjoyable weekend at a bed and breakfast, some of us say to our significant other, “wouldn’t this be great. Can you imagine meeting all these amazing people? One day, we should open one of our own!”park-avenue-manor-savannah-roomsmal

In the case of Glenn Gaylord and Maurice Howell, they pursued that dream traveling from Texas to Arkansas and finally to Savannah searching for the perfect B&B to purchase and make their own.

“We came to Savannah, stayed one night here and while walking in the park after lunch, we made the decision to purchase the Park Avenue Manor B&B property,” said Maurice. “Glenn and I were sold and couldn’t remember why we looked anywhere else.”

After visiting with their commercial banker, Maurice and Glenn agreed an SBA 504 loan would be the best fit for their needs. An SBA 504 loan is beneficial for businesses who are looking to acquire real estate, build/renovate, purchase long-term use machinery & equipment or, thanks to the passage of H.R. 5297 in September, certain refinancing and soft costs. The rates are fixed and the term of the loan can be for 10-20 years. Something many small businesses find very attractive for large real estate acquisitions, like a bed and breakfast.

The Small Business Assistance Corporation’s Stephen George worked tirelessly to insure an efficient turnaround from application to approval to funding. “Maurice and Glenn have such a positive energy and are incredibly well-organized and responsive to requests. They also have a willingness to learn and acquire knowledge to better themselves and the business. It was a pleasure to see them become the new proprietors at Park Avenue B&B,” added Mr. George.

Sitting in the parlor in front of a crackling fire with coffee cups in hand, Glenn & Maurice give their advice to those of us who secretly dream about leaving it all and becoming an innkeeper.
* there are a lot of things you can’t control – arrivals, departures, attitudes and emotions, so BE FLEXIBLE.
* you are on call 24 hrs a day. Guests are ‘in residence’, arriving and departing daily.
* you have to manage your time wisely and have impeccable communication skills.
* SUPPORT LOCAL BUSINESS – they are your referrals, your last minute bookings, your “my parents are in town” clients.