One of the ways the Pierce County Economic Development Department supports the business community is by providing loans to small businesses. When businesses are in need of additional capital to complete the financing for a particular project, loan programs like Pierce County’s Community Investment (PCCIC) loan program and the Pierce County Community Development Corporation loan program are available at interest rates comparable to bank rates and in some cases, below market rates. We recently helped Kavitha and Bhanu Mullapudi purchase Alexander’s Lodge, a bed and breakfast located in Ashford, WA.
The Mullipudis were interested in owning and operating a business in the hospitality industry. They were captivated with the charm and surroundings while staying at Alexander’s Lodge and decided to make a purchase offer. Timing was right as the owners were interested in retiring. The Mullipudis applied for a Pierce County Community Investment Corporation loan made in partnership with bank financing and a Small Business Administration SBA 504 loan.
The new owners stated, “Buying Alexander’s Lodge was a four month journey for us. The Pierce County Community Investment loan was the fastest loan approval process we’ve come across. PCCIC’s loan program was crucial in raising funds to support our business venture.”
Alexander’s Lodge has been part of the Ashford community since 1912. The lodge, nestled one mile from the entrance to Mount Rainier National Park, serves tourists visiting the national park. It’s also a great place for a weekend getaway. An article in the Seattle Times stated that Presidents’ Theodore Roosevelt and William Howard Taft stayed at Alexander’s Lodge. The location and its natural surroundings, including a fresh water trout pond and waterfall, offers a unique setting for small weddings, group retreats, and family gatherings. The lodge and its vintage charm features 12 guest rooms, 2 guest cottages that sleep up to eight, day spa, gift shop, a full service restaurant with seating for 44, and modern amenities such as Wi-Fi and a media room with big screen TV and DVDs.
Our department was pleased to have the opportunity to assist the Mullapudis in their new venture. If you or someone you know are looking for additional capital to fund the acquisition of commercial real estate, purchase equipment, furniture, fixtures or have a need for permanent working capital, feel free to inquire on these loan programs offered through Pierce County.
For more information, please contact:
Sheree Clark, Loan Officer
Pierce County Economic Development