Maple City R & R
They really get to know the people, who they are, and what the project is. They’re going to do what they can to say, ‘Hey, try this, do that, we’re going to find a way to make this work
Steve Spochart does everything by the numbers; after all, he’s a CPA. Steve heads the Redevelopment Authority of Somerset County. When Steve saw the growth in Meyersdale, along the Great Allegheny Passage trail, his internal abacus started spinning. “I’m seeing this and saying, ‘Oh my gosh, I’ve got to jump into this at some point,’” says Steve. He found a building where the prior owner had already started to convert it into overnight lodging. Steve started calculating; however…
One part of the equation didn’t add up. Banks demanded 20 percent down – more than Steve could afford. With assistance from the sellers and The Progress Fund, which runs the Trail Town Program® that has supported Meyersdale’s growth, The Progress Fund was able to offer more flexible terms, and loaned $160,000.
Steve bought a 13,000-square-foot building that had been a movie theater, and commercial space before it was divided into apartments and a pizza shop. He is transforming the apartments into rooms for the new Maple City R & R – for rest and relaxation.
Then Steve’s arithmetic met the realities of remodeling, when electrical upgrades and other unforeseen issues added costs. Could The Progress Fund help? “In a matter of a couple of days, I submitted the information, they turned around, and added another $10,000 to the loan,” Steve says, “just like that.”The Progress Fund is an equal opportunity provider and employer.