SBA loans approved for expansion projects
Cedar Rapids funeral home, Decorah brewery begin construction
George C. Ford
Construction has begun on two major Eastern Iowa expansion projects that were approved last month for U.S. Small Business Administration loans.
Teahen Funeral Homes in northwest Cedar Rapids was approved for a $1,795,000 loan for a major addition and renovation of its existing facility. The funeral home is adding a more than 9,000-square-foot building that will house a community room on the first floor, seating up to 165 for funeral dinners or gatherings, a merchandise selection room and arrangement offices.
When that construction is completed early next year, operations will be relocated to the addition for several months and the first floor of the existing funeral home will be renovated. The entire expansion and remodeling project is scheduled for completion in May 2017.
Toppling Goliath Brewing in Decorah is building a 100-barrel brew house to handle increased demand. Clark Lewey, co-owner with his wife, Barb, of the Winneshiek County business said separate loans for $1,445,000 and $3,555,000 will cover the cost of land acquisition and machinery for the new brewery.
“I think we have the opportunity to become a regional powerhouse,” Clark Lewey said Monday. “The 100-barrel brew house will take our capacity up to producing 30,000 barrels a year on site. Construction will require about 11 months, which will take us up to about 60 full-time employees.”
SBA loans also were approved for Ace Refrigeration ($350,000), Heartland Subs ($305,000), Game Station ($292,500). Eco Lips ($200,000), Perfect 10 ($150,000), Accent Media ($150,000) and C.P.T.C. ($76,000) in Cedar Rapids, Brick Alley Pub and Sports Bar in Marion ($217,000), Kickshaw Brewery ($645,000) and The Powder Shop ($857,000) in Mount Vernon, Jade Sisters Properties in Coralville ($1,550,000); Moss Inc. in Iowa City ($414,000); and Rediger Tires and Services in Kalona ($650,000).
The SBA guaranteed 49 loans for $26.3 million to Iowa businesses from participating lenders using its two largest lending programs.