Category: Business Finance

SEDA-COG’s Business Finance Department recently assisted Hofbrau Pizza with an EDA COVID-19 loan to purchase the property and restaurant known as The Hofbrau located at 106 East Bishop Street, Bellefonte, PA. This loan is in partnership with Jersey Shore State Bank, working directly with Commercial Lender, Gregory Wendt.

The Hofbrau has been a Bellefonte staple since 1973, serving generations of hungry pizza lovers over the years. The restaurant was started by “pizza king” Bill McFadden who developed a special crust recipe that was used in his various restaurants including Bellefonte, State College (Faccia Luna) and Alexandria, Virginia (Faccia Luna). Now at the helm of Hofbrau Pizza are Ruth and Bryan Sampsel.

Ruth Sampsel has been in the restaurant industry for over 20 years and has been with The Hofbrau for 15 of those years. When the opportunity arose for her to take over the restaurant, she was ready to put her stamp on the next generation of the Centre County institution.

On March 17th, 2020, The Hofbrau went from a full dining restaurant with an in-house seating capacity of 80 people, to a take-out only concession. Throughout the pandemic, the restaurant was forced to move to paper plates, plastic silverware, and moving an employee from the kitchen to the front of the house to take phone orders.

As a result of the pandemic, prices for everything have skyrocketed. This loan eases the burden of the cost increases for The Hofbrau.

“We were able to get an amazing rate with this loan, which will in turn allow us to pass on savings to our customers. The cost of everything has gone up, but the loan grants us the ability to keep our prices down,” said Sampsel.

Sampsel continued, “this restaurant is not just to feed people – I am welcoming you into my home. It’s a place for friends and family to gather, laugh, and enjoy time together. We live and work in a wonderful community and our restaurant allows us to see everyone and connect for years to come.”

Tina Showers, SEDA-COG Principal Program Analyst worked with Jennifer Heebner, SEDA-COG Program Analyst, to bring this financing package to fruition.

“The pandemic presented immense difficulties for all businesses, but particularly those in the hospitality industry. We are thrilled to be able to assist such an iconic and long-standing restaurant in Bellefonte, and cannot wait to see them grow and expand,” said Showers.

Their hours are Monday through Thursday 4 to 9 p.m., Fridays and Saturdays from 4 to 9:30 p.m., and Sundays from 4 to 8 p.m.

For more information about SEDA-COG’s loans, please contact Tina Showers at tshowers@seda-cog.org.

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.

SEDA-COG Local Development Corporation recently assisted Beaver Valley Country Store, LLC with an SBA 504 loan for the purchase of Saylor’s Market on Route 522 in Beaver Springs, Snyder County. The proud new owners of the store are Steve Witmer, Aaron Witmer, Rick Maloyed, and John Anthony.

SEDA-COG Local Development Corporation partnered with Mifflinburg Bank & Trust Company on this project. The SBA 504 loan program offered the borrower a 25-year low interest fixed rate loan for 35% of the total financing need.
John Reichard, SEDA-COG Business Relationship Manager and Tina Showers, SEDA-COG Principal Program Analyst worked with the four partners and Amber Gabrielson, Commercial Lender at the Selinsgrove Branch of Mifflinburg Bank and Trust Company, to bring this financing package to fruition.

Rick Maloyed said they couldn’t have done this without Mifflinburg Bank & Trust and SEDA-COG. “We felt like we had a great team going into the project and both Mifflinburg Bank & Trust and SEDA-COG were very helpful in guiding us through this process.”

Beaver Valley Country Store will be offering new products in the future. They now have a bakery, which offers donuts, pies, full, half, and quarter sheet cakes as well as round cakes and cupcakes that can be custom made for any occasion. They also offer fresh produce, meats, frozen foods, a deli, and other various items. You can like and check out their Facebook page: https://www.facebook.com/beavervalleycountrystore for weekly flyers and events at the store.
For more information about SEDA-COG’s loans, please contact John Reichard at jreichard@seda-cog.org or Mike Morrison at mmorrison@seda-cog.org.

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.

Mifflinburg Bank & Trust Company is a full-service commercial bank servicing customers from eight locations in Mifflinburg, New Berlin, Lewisburg, Selinsgrove, Shamokin Dam, Millheim and Milton. The bank has 15 ATMs in Union, Snyder, Northumberland and Centre counties, and, as a member of Moneypass®, customers have access to over 37,000 ATMs nationwide. For more information on Mifflinburg Bank & Trust, visit mbtc.com.

Shaffer Restaurant and Soft Serve in Port Trevorton was purchased in December 2020 and the restaurant’s new name is Lauver’s Family Traditions Restaurant. Charlene Lauver is the new owner and operator of the business. Lauver’s Family Traditions Restaurant opened on January 5, 2021. Charlene partnered with Northumberland National Bank and SEDA-COG for the purchase of Shaffer Restaurant and Soft Serve. The restaurant industry has been hit very hard by the COVID-19 pandemic. In December 2020, restaurants were forced to operate at 50% capacity which qualified the SEDA-COG loan to fall under the federal Economic Development Administration’s (EDA)-COVID-19 eligibility.

Tom Rall of Northumberland National Bank was able to connect Charlene with local resources and made the introduction to SEDA-COG for funding. “We were pleased to partner with SEDA-COG and support a new local business while reducing the overall cost on interest for the life of the loan. We’re thrilled that everyone worked hard to help Charlene’s restaurant meet the timeline for the Sales Agreement.” The Northumberland National Bank carried the SEDA-COG portion of the project until the EDA –COVID funds could be disbursed.

Ms. Lauver was very happy with the SEDA-COG EDA COVID-19 loan’s low interest rate that is fixed for the life of the loan. “The savings on interest is a great help to my business,” Lauver said.

Ms. Lauver has over 12 years of experience as an owner and operator of a restaurant. She previously owned another restaurant until 2018, when she sold the business. When asked why she wanted to get back in the restaurant business, Ms. Lauver said “After taking a two-year break and working for other people, you miss the feeling of contentment and all of the customers.”

Lauver’s Family Traditions Restaurant is a full-service restaurant and ice cream stand. For people who would rather eat at home or have a nice picnic, they also offer take out service. They can cater your event as well. Currently the restaurant is only open Thursday – Sunday serving breakfast, lunch, and dinner. They also offer daily specials. The Sunday lunch special is a home cooked style meal. You can check them out on facebook or at https://lauvers-family-traditions-restaurant-llc.business.site/. For take-out, call the restaurant at (570) 374-2840.

For more information about SEDA-COG’s loans, please contact John Reichard at jreichard@seda-cog.org or Mike Morrison at mmorrison@seda-cog.org. To learn more about The Northumberland National Bank’s business lending, visit https://norrybank.com/business/loans/

As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.