|MAKING ROOM FOR GROWTH IN BEDFORD COUNTY|
|With more than 250,000 visitors descending on the home of the National Tennessee Walking Horse Celebration each Labor Day weekend the area strains to provide hotel accommodations locally.|
|SHELBYVILLE, Tenn., Mar 29, 2012
@@With more than 250,000 visitors descending on the home of the National Tennessee Walking Horse Celebration each Labor Day weekend the area strains to provide hotel accommodations locally. The Calsonic Arena alone hosts events 30 weeks out of the year in addition to local festivals and business travelers.
Dennis Young, Sr., head of Shelbyville Hospitality, LLC, has developed a way to alleviate the lack of overnight accommodations in the area. Young is breaking ground on a new 62-room Microtel Hotel located at 1207 North Main Street.
According to local officials, adding a third hotel locally will help keep visitors closer during the events which will in turn support local business and ultimately increase local tax revenue.
Young was joined today by State Representative Pat Marsh, Shelbyville Bedford County Chamber Chief Executive Officer Walt Wood and USDA Rural Development (RD) Area Director Faye Rodgers at the construction site for a ceremonial ground breaking.
The new hotel is financed in part with a loan from First Vision Bank guaranteed by a RD Guaranteed Business and Industry Loan guarantee. Business loan-guarantees help existing private lenders increase the pool of investment capital available for business start-up, modernization, expansion and job creation in rural areas. The federal guarantee acts as an insurance policy on quality loans and is currently self-funded from fees paid by the participating borrowers.
Others participating in the event included Microtel Owner Kay Young, First Vision Bank representative Jim Penland, RD Area Specialist Susan Shuff and Area Technician Jim McPeters.
USDA Rural Development invests in jobs, infrastructure, community development, homeownership and affordable rental housing to improve the economic health of rural communities. During the last three years the agency has assisted at least 1.5 million Tennessee families and businesses in 158 communities, investing more than $2.5 Billion through affordable loans, loan guarantees and grants.
For more information on Rural Development programs available in south central Tennessee contact the Rural Development Area Office in Lawrenceburg at 931-762-6913 Ext. 4, toll free at 1-800-342-3149 ext. 1494 or online at www.rurdev.usda.gov/tn.