Old Town Bowie GrilleWebsite
Old Town Bowie Grille restaurant is an establishment that began as a vision of Robert Thompson. Together with his wife and partners, they purchased a property at 8602 Chestnut Avenue in Bowie, MD and transformed it into a cornerstone of the community. The property was originally a barn that needed considerable renovations. An addition to the property needed to be constructed, and the conversion into a restaurant needed to meet the requirements of local building and health codes.
With the help of creative financing and supportive lenders, a financing package was put together for Old Town Bowie Grille to be constructed. The U.S. Small Business Administration 504 program was utilized to purchase the property and finance the renovations. Eagle Bank financed approximately 50% of the total project costs, while the SBA through FSC First financed 40% of the costs. Old Town Bowie Grille was able to obtain their SBA 504 financing for the property at a 20-year term with a low-fixed interest rate. The business was also eligible to receive a loan of $50,000 from the City of Bowie towards the improvements of the building.
In the end, the construction of the building took considerably longer than anticipated and costs for the improvements increased exponentially. Fortunately, the Thompsons had partners like FSC First that stood by their commitment to finance the company and provide support for the project and the business.