People:

Brothers Joe and Gino Auteri had plenty of experience managing rental properties, but virtually no background in commercial redevelopment when they bought an empty assisted living home in Bradford, PA. The brothers contacted the Clarian University Small Business Development Center to assist the fleshing out a business plan convert the property into an all-suites hotel. Unfortunately, the plan looked to be in trouble when the lead bank backed out just as all the financing pieces appeared to be in place.

Progress:

Originally, The Progress Fund was lined up to provide just a fraction of the total projects' financing. Suddenly, the Auteri's needed a lot more. The Progress Fund “jumped on the chance,” says Joe Auteri. The Progress Fund made a $425,000 loan and arranged another $200,000 loan from the state's First Industries Tourism Program. “We would've been in big trouble at that point, so it worked out very well”says Joe.

Impact:

Along with financing from Small Business Administration and the Bradford Office of Economic and Community Development, The Progress Fund's work made possible the renovation of the 100-year-old-home. The Bradford community gained it's first “all-suites” hotel featuring spacious King/Queen suites (some with Jacuzzis), Kitchenettes, free continental breakfasts and secure wireless Internet service. After planned expansions, the Heritage Suites will create a minimum of eight new jobs. “We were born and raised here,” says Joe. “We're putting something back into the community.”

*The Progress Fund is an equal opportunity provider and employer.

Heritage Suites Celebrates Grand Opening in Bradford

Live music, refreshments, prizes and tours of Heritage Suites were given at Bradford Area Chamber of Commerce first Annual “Summer Soiree” in conjunction with the Grand Opening of Heritage Suites. There were nearly 130 attendees at this celebration and major networking event held on July 30, 2008. Heritage Suites is Bradford’s first all-suite hotel opening on April 1, 2008 after extensive renovations of the 100-year old home that was previously an assisted living facility. Heritage Suites offers 16 spacious suites, full kitchenettes, flat-screen televisions, whirlpool tubs, and wireless Internet service. The facility is close to town and industry but provide its visitors with a quiet and scenic place to relax with all the comforts of home. Joe and Gino Auteri were born and raised in Bradford and have invested in the local community by managing several rental properties. The Auteris acquired the unoccupied, former assisted living home located at 139 Minard Run Road, Bradford, Pennsylvania in April 2005. The property consists of a two-story; 9,596 square feet building situated on a 2.4-acre corner lot. The brothers contacted the Clarion University Small Business Development Center to assist with developing a business plan used to obtain funding for the project. Financing for the $1.45 million project was obtained through a collaboration of local, federal, and state resources. The Progress Fund made a $425,000 loan and a $200,000 loan was obtained from the Pennsylvania’s First Industries Tourism Program. The Bradford Office of Economic and Community Development financed $150,000 and the Small Business Administration 504 loan program financed $375,000. The owners contributed $300,000 into the project. Currently, Heritage Suites employs four full-time and five part-time employees with plans to expand in the near future. Since opening on April 1, the facility has been well received by the community. When asked what Heritage Suites means to the area Joe Auteri replied, “It has secured additional long-term guests for the immediate area that otherwise would have located somewhere else. This brings revenue to area restaurants, grocers, recreational facilities