The Harrisburg Regional Chamber & CREDC (Chamber & CREDC) announced today that LaMarco & Saad Tavern, dba Ted’s Bar & Grill, closed on a $666,000 SBA 504 loan to support the construction of a new facility at 7300 Allentown Boulevard, West Hanover Township, Harrisburg, Dauphin County, PA. This new location replaces the smaller location formerly 2 miles west on Route 22. Ted’s has won many awards for their wings in past years, and the prior location often had a waiting time to be seated. Owners, Romeo LaMarco and John Saad, expanded in 2013 by opening their second location in Midtown Harrisburg. Today, with the relocation of the original Route 22 location which opened in January 2016, the restaurant provides twice the seating as it once did with all the same local flavor and friendliness.
The SBA 504 loan proceeds are part of $1.6MM million project which included bank financing provided by Centric Bank. Using SBA 504 financing in the project provided a 20 year fixed rate to Ted’s and cut their cash injection in half. John Saad said of his economic lending experience, CREDC “went beyond the call of duty. Without you this would have never happened. You guys are an asset to small businesses.”
The Chamber & CREDC has formed a strategic partnership with the South Eastern Economic Development Company of PA to provide SBA 504 loans to our region. As a result of this arrangement, The Chamber & CREDC provides borrowers local representation, as well as a closing attorney that’s close to home.