Small Business Lending Insider

March 2019
Latest Rates


SBA 504 10-yr 2.92% 4.63% 4.69% March 2019
SBA 504 20-yr 3.20% 4.59% 4.62% March 2019
SBA 504 25-yr 3.42% 4.74% 4.77% March 2019
SEDA-COG PIDA 3.75% N/A N/A Through Mar. 2019
SEDA-COG RLF 4.25% N/A N/A Through Mar. 2019
WPASGL Quality Circle
SEDA-C OG Local Development Corporation was proud to be an exhibitor at the recent Western PA Association of SBA-Guaranteed Lenders (WPASGL) SBA Quality Circle Conference held at the Seven Springs Mountain Resort in Seven Springs, PA.  Over 150 attendees, ranging from SBA staff, economic development groups, service providers, and lenders across Western PA came to learn about and discuss the SBA 7a and 504 programs to better serve small businesses.

Success Story
Happy Holiday, LLC

SEDA-COG recently assisted Happy Holiday, LLC with a $2,550,000 SBA 504 loan and a $250,000 SEDA-COG TEAM loan for the construction of their 4-story, 83-room Holiday Inn Express & Suites hotel located at 30 Happy Valley Drive, Reedsville, Mifflin County, PA.  The hotel is situated just off Route 322 between State College and Lewistown.  Ajit Smith and Mehul Patel realized the benefits that SEDA-COG had to offer and partnered with Kish Bank for the total project.

The SBA 504 loan program offered the borrower a 20-year , low interest, fixed rate and the SEDA-COG TEAM loan was available for the partial equity injection into the project, also with a great low fixed interest rate. The equity injection came from the land that was purchased in 2015 for the hotel construction.

John Reichard, SEDA-COG senior relationship manager,  with the assistance of Seth Napikoski, Assistant Vice President and Commercial Relationship Manager of Kish Bank, Belleville, PA , worked with Mr. Smith and Mr. Patel to bring this financing package to fruition  for the total project.

The hotel features a heated indoor pool, fitness room, and 2 meeting spaces. Breakfast is complimentary and includes hot Cinnabon buns, variety of eggs, hot waffles & pancakes, and hot meats.  The Holiday Inn Express flag is considered an upper-mid scale hotel in terms of amenities and price point.

The hotel expects to create 27 full-time equivalent jobs as a result of the project.
Dip Smith, Ajit's son, who worked closely with SEDA-COG on the financing says, "Working with S EDA COG was a great experience.  Locking in a 20-year fixed rate was the best part. The SEDA COG team was very helpful with collecting documents and preparing for settlement quickly."

Kish Bank partnered with SEDA-COG  on the project for Happy Holiday, LLC. 

For over a century, solid and enduring values have made Kish Bank, the banking subsidiary of Kish Bancorp, Inc., a strong financial institution and a vital part of the communities we serve. Formed in 1935 through a merger of Farmers National Bank of Belleville and The Belleville National Bank, both of which can be traced to the early 20th century, Kish Bank has been one of Pennsylvania's fastest growing community bank franchises.  With 16 offices throughout Centre, Huntingdon, and Mifflin Counties, including four financial centers, and a state-of-the-art online banking product, Kish Bank serves a potential population of over 230,000 people and over 87,000 households.  Today, Kish Bank has total assets of $850 million.

According to Seth 
Napikoski , "Kish Bank was proud to partner in the Holiday Inn Express & Suites construction project with SEDA-COG and we hope to continue to work together on locally stimulating projects in the future."

Staff Spotlight
Tina Showers - Principal Program Analyst

Tina began her SEDA-COG career in 2002 when she became an analyst within the Business Finance Department.  In 2011 she was promoted to principal program analyst. From 2016 to 2018, she worked for AgChoice Farm Credit in Lewisburg as a senior financial specialist.  In 2018 Tina returned to SEDA-COG to rejoin the Business Finance team.

Tina has extensive knowledge of the various loan programs offered through SEDA-COG, especially the SBA 504 loan.  She compiles and submits loan applications, provides loan servicing to existing borrowers, and is responsible for loan fund reporting among other duties.   Tina has recently expanded her role within the department to include portfolio management, servicing and the monitoring of delinquent accounts throughout the entire workout process. Roxanne Greising, the department director says of her, "Tina is integral to the success and future of our department. Her professionalism and willingness to jump in and help with any task speaks volumes toward her strong work ethic and the SEDA-COG Business Finance Department is blessed to have such talent on our team."

She earned her Bachelor of Science in Business Administration with an emphasis in Finance and a Bachelor of Science in Economics and a minor in Information Systems from Susquehanna University, graduating Magna Cum Laude in 2002. She is a 2008 graduate of Leadership Susquehanna Valley.

About Us

SEDA-COG's Business Finance Department serves the entire state of Pennsylvania and  rural counties in Maryland  for the   SBA 504 Program .
For PIDA and SEDA-COG loans, we cover  an 11-county area in central Pennsylvania including Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Perry, Snyder, and Union counties.

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Contact our Business Finance staff today!
Senior Relationship Manager II
P: 570-524-4491
C: 570-850-0195
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Program Director
P: 570-524-4491
C: 570-394-7526
View our profile on LinkedIn

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