Home » $50,000 Southern Indiana small business revolving loan awarded to restaurateur

$50,000 Southern Indiana small business revolving loan awarded to restaurateur

Loan will be used to open CIDEways Tap Room + Wine Bar in New Albany

NEW ALBANY, Ind. (Feb. 2, 2016) — The Horseshoe Foundation Small Business Revolving Loan Fund has named the first recipient of its $50,000 revolving loan for 2016. The loan was awarded to restaurateur Matt McMahan, who will open the CIDEways Tap Room + Wine Bar, a casual dining restaurant located at the corner of Pearl and East Elm Streets next to the New Albany Elks Lodge in New Albany.  CIDEways is scheduled to open this summer

McMahan is an experienced restaurant proprietor who currently owns Big Four Burgers + Beer in Jeffersonville and New Albany and Charlie Noble’s Eatery + Draught House in Sellersburg. McMahan will use the loan to build a full kitchen and purchase equipment to make cider. Renovations on the new location will continue, including the addition of outdoor street seating. This is the second Horseshoe Foundation revolving loan received by McMahan; the first being used to open the Big Four Burgers + Beer in New Albany.

CIDEways will offer a wide variety of beers and wines as well as the specialty hard cider. McMahan estimates the new location will have 18 beers on tap, with an additional 60 brands of bottled beer.

Applicants interested in submitting loan requests are required to be in business in Floyd County and have a minimum of two years’ experience. A nine-member Revolving Loan Fund Review Committee consisting of members from HFFC, the local business community, and 1si evaluates loan applications and determines funding decisions. Maximum loan terms are 10 years for land and building financing, five years for equipment loans and two years for working capital loans. The loans offer an interest rate of 2 percent below Prime with a minimum rate of 3 percent.

Business operators who would like to learn more about the Horseshoe Foundation of Floyd County Small Business Revolving Loan Fund or want to obtain an application packet should visit 1si.org and click on the Business Resources tab or contact Elizabeth Baxter at [email protected] or 812-945-0266.