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Economic Development is . . . (increasing the flow) of capital through the community and reducing its leakage.

2011 EDIES Story 3 of 24: Community Banking partners help keep the steaks sizzling at the Uptown Lounge & Supper Club

In 2011 community banks and credit unions got a lot of new national attention for something many in Tama County had known all along, there are significant benefits from working with local banks. And especially in small towns of Tama County where the financing resources are different and continually change, John Shouse worked hand in hand with a local bank (even on non-bank resources) when he explored the best way to go about buying the Uptown Lounge & Supper Club in downtown Gladbrook.  Remind me – what are the EDIES.

How we did it:
I worked closely with the local realtor and local bank.

How we got the idea:
I had worked part-time for the previous owners and always wanted to own it if the opportunity presented itself.

Our greatest challenge:
Getting the financing to purchase the business.

How we overcame it:
My realtor worked extremely hard for me, right down to the last day.  The local bank and personal lenders helped me make the purchase.

Advice to others:
Never give up, explore all avenues for financing.

What is next:
I plan on remodeling the dining room and putting a new roof on the building.

For more info check out the Uptown Lounge & Supper Club in Gladbrook, Iowa’s facebook page

Photo by Wayne Chamberlain [John Shouse]

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