The Progress Fund

The Progress Fund

SBA News Release

On May 19, the SBA put out a News Release, #25–51 that mentions The Progress Fund.  Disappointingly, their statements about us were wrong, and rather than praise us for the small business lending we do throughout rural Pennsylvania and West Virginia, they used our good name to suggest a false narrative about our participation in the Community Advantage Program.

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Home Borrowers Accommodations Dale’s Place, LLC

Dale's Place, LLC

Location:

125 1st Street
Smithton, PA

County:

Westmoreland

Description:

Business Renovation

Total Project Cost:

$364,175

Visit Online:

People

Eric Whiteman purchased the real estate, which consists of an existing bar and restaurant in 2018.

Progress

The property has a 2nd floor, which has 8 sleeping rooms that are not currently in use and  there are 5 apartments on 3rd floor not being used and in need of renovations.  The Progress Fund provided a $278,000 loan to complete the remainder of the updates and renovations needed for the residential rental (2nd and 3rd floors) of the building.

Impact

Dale’s Place is in a desirable location as it is approximately .4 miles from the Great Allegheny Passage.  In addition to GAP travelers, the area has a need for temporary housing for utility workers in the gas and oil industry.  A new natural gas power plant has recently opened in the area that will also have temporary workers looking for a place to stay.  This also creates an opportunity for the residential portion of the property.

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