The Missouri Innovation Corporation (MIC) at Southeast Missouri State University recently announced the closing of a $150,000 business loan under its Intermediary Relending Program (IRP) to recipient Madison Inn Lodge of Fredericktown, Missouri.
Madison Inn Lodge, a 40-room hotel located at 730 Madison Plaza Drive in Fredericktown, is owned by Dinesh Jhaveri.
“I have always wanted to own my own business having worked in the hospitality industry for the last 27 years,” said Jhaveri. “The loan funds were used to update the property, both exterior to interior, to provide an exceptional experience for our guests.”
Some of those renovations include new energy efficient lighting, paint, equipment, and in-room amenities such as upgraded appliances, linens, bathrooms and toiletries. The project’s primary lender was New Era Bank with the MIC providing gap financing.
“New Era Bank is very active in helping Madison County businesses grow in achieving their goals,” said Allison Boyer, vice president of New Era Bank. “We explore all avenues of financial support for our customers.”
To date, the MIC has loaned $300,200 of the $1 million investment it received from USDA Rural Development for the IRP revolving loan fund program.
“Our revolving loan funds are designed to provide gap financing for small businesses that are not able to receive all of the capital they need from their primary lender,” said Crystal Jones, director of the Economic and Business Engagement Center and staff to the MIC Board of Directors. “We work collaboratively with banks to fill this important access to capital need in the region so small businesses like Madison Inn Lodge can continue to grow and create jobs.”
IRP loan funds will continue to be made available by the MIC in the counties of Bollinger, Butler, Cape Girardeau, Carter, Dunklin, Iron, Madison, Mississippi, New Madrid, Pemiscot, Perry, Reynolds, Ripley, Scott, St. Francois, Ste. Genevieve, Stoddard and Wayne.
IRP loans range in size from $25,000 to $100,000 with limited exceptions for higher amounts. Eligible loan purposes include real estate, buildings, leasehold improvements, equipment, inventory, working capital, and refinancing.
Interested entrepreneurs and bank partners can contact Crystal Jones at (573) 651-5956.
For more information, visit www.engage.semo.edu/business/financing.