So many SBA 504 loans involve new property, new construction and new equipment. But increasingly here at Seedcopa + SeedcoDE, we’re seeing what’s “old” is truly new again as local family businesses are passed on to the next generation with the help of SBA 504 loans.
Such is the case for the beloved Schell’s Restaurant, Dairy Swirl & Mini Golf in Temple, Berks County, PA. When Scott & Dennis Schell officially decided to retire and sell the hot spot that has been a community institution since it opened in 1952, they turned to their most loyal employee – who took his first job there at age 14.
“I started as a golf boy and over the years my father, who was a manager, taught me everything he knew,” said Robert Houser, the new owner of Schell’s with his wife Marlene. Houser officially began managing the business in the mid-2000s as his wife started working there in 2007. Serving homemade fast food complete with a 27-hole, classic mini-golf course and ice cream parlor that serves hand-scooped Turkey Hill ice cream, soft serve and more, Schell’s is now drawing the usual busy crowds during its first summer under new ownership.
“For projects like this, where a long-standing business has proven to be viable, our focus is on helping borrowers demonstrate a sound succession plan in their loan application as well as continuing economic value to the community,” said Seedcopa + SeedcoDE SVP and Relationship Manager Marie Shires. “Schell’s was a perfect fit, and we’re so glad the Houser family can enjoy the fixed-rate, long-term financing of an SBA 504 loan while continuing to build credit for future growth.”
A committed community partner, Schell’s sponsors the area’s Muhlenberg High School Musical and donates to local charities and non-profits, including the Muhlenberg Music Association, the local library, and 4H clubs.
“We’re a family business, and Seedcopa + SeedcoDE and Tompkins Community Bank, treated us like family throughout the loan process,” said Houser. “Here’s to our first summer under new ownership. It’s already a hot one!”
Photo courtesy Schell's Restaurant
