The "IRP" (Intermediate Refunding Program) loan from the CAEDC uses funds distributed through a previous USDA grant to benefit local businesses by supplementing local funding from their lender(s) at a lower interest rate. There is a pay-back schedule included for this "gap financing" revolving loan.
The CAEDC is a county organization which promotes economic development within the area and is responsible for distributing money allocated to the country for economic development.
Co-chair Darcy Reuter accepted the $65,000 check from Mark Buschkamp on behalf of the motel board. The money will further enhance the development of the motel, which has been opened for about a year now.
Reuter commented on the motel's growth. "We have been quite happy with the occupancy rate which has been better than what we predicted. The growth is much better than the first six months. We keep doing smaller improvements to improve our customer's experience here such as add small refrigerators for each room. We also have snacks that can be purchased here."
She went onto explain that the breakfast menu keeps evolving to provide a wider choice for patrons to enjoy. They have added fresh fruit, bagels, cereal choices including oatmeal, and a variety of yogurts. Customers could always help themselves to coffee and donuts.
Jackie Johnson added that reservations are already being taken for 2010 and as far away as Australia. Johnson noted that they picked up the motel from the internet site at hometownguesthouse.com. That site has been updated since opening as Johnson keeps coming up with ways to market the motel. It's apparent, her success is showing.
Valley Bank is in partnership with Siouxland Economic Development (SBA loan 504) to back the motel project in cooperation with a large number of private investors. There are a few shares yet available and several folks have been adding to their investment. One may stop in at Valley Bank in Marcus and they will explain it to you with shares going at $500 each with a minimum of two shares per investment.
The employees are keeping the name of the business by treating their patrons as guests which includes a listing of area activities for them to enjoy.