Main Street Registry

AVID - an IHG Hotel

Summerville, SC · Hotels (except Casino Hotels) and Motels · NAICS 721110

AVID - an IHG Hotel is a hotel business in Summerville, South Carolina, classified under NAICS 721110 (Hotels, except Casino Hotels and Motels). The company financed real estate or equipment through an SBA 504 loan of $4,217,000, approved on February 4, 2025, through the lender First Bank of the Lake with Provident Business Financial Services, Inc. as the certified development company.

SBA 504 loan, approved Feb 4, 2025

$4,217,000 SBA portionCDC: Provident Business Financial Services, Inc.25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$4,217,000
Bank portion
$6,860,000
Estimated project size
$12,307,778 (estimated)
Estimated owner equity
$1,230,778 (estimated, about 10% of the project)
Bank lender
First Bank of the Lake, Osage Beach, MO
CDC
Provident Business Financial Services, Inc.
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
February 4, 2050 (estimated, approval date plus term)
First disbursement
May 13, 2026
Loan status
Status not reported (SBA exemption)
Jobs supported
18
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
avid Hotels
Project location
Berkeley County, SC
SBA district office
South Carolina District Office
Congressional district
SC-1
Collateral
Yes

Estimated share of project by source

Bank 56% SBA (CDC) 34% Owner 10%

  • Larger than 79% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in South Carolina: $2,088,205.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in South Carolina