Brown County Inn's new owner upgrades with SBA 504 loan from State Bank of Lizton and Indiana Statewide CDC

Nashville's Brown County Inn remains open during the winter months as an 18-month renovation project is nearing completion. The project began shortly after an ownership group headed by Barry and Deborah Herring purchased the Brown County Inn. A loan from the U.S. Small Business Administration 504 from the State Bank of Lizton and Indiana Statewide Certified Development Corporation helped them acquire and refurbish the 50-year-old property. Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies. Loans from Indiana Statewide CDC and partner lenders in 2016 provided more than $31 million to 44 small Hoosier small businesses, creating or saving 480 jobs. Updating the Inn is a top-to-bottom project. Visitors who may have been away a few years, will notice the differences. New paint, carpeting and furniture are in each of the 99 rooms. The roof was replaced, the building painted and the dining room and convention center were remodeled. The former tennis courts became a wedding garden. Emily Biehn of State Bank of Lizton says, "Although the Inn survived many hardships and a dedicated staff kept in in operation, the Inn became dated and in need of repairs and renovation. Barry and Deborah are experienced business owners and operators. They and their family were up to the challenge of reviving the Inn, while keeping the charm of the destination intact." "The SBA 504 financing allowed for a low down payment and provides a stable repayment structure for the Herrings. It's a very good loan product for our bank and the borrower."