Spanky’s Sports Bar & Grill Expands
Thanks to RCEDC and SBA 504 Financing
Village of Waterford, WI – Since opening in 2017, Spanky’s Sports Bar & Grill in Waterford, WI, has been on an impressive growth trajectory thanks to the expertise of owners Matt and Karen Allen. Matt’s background in marketing and sales management, honed over 17 years in the consumer products industry, has driven Spanky’s steady profitability. Karen has been vital to the bar’s operations from day one, drawing on her experience in the food and drink industry.
In 2018, after a full kitchen renovation, Spanky’s began serving their now-famous thin-crust pizza, which, along with other homemade favorites, helped cement their reputation as a neighborhood staple. By 2020, the Allens purchased the property they had been leasing, but demand soon outgrew the space. With carryout orders booming and long wait times becoming common, a larger facility became essential to meet growing demand and streamline operations.
RCEDC’s staff were incredibly helpful in assisting me with the details needed to obtain the SBA loan for the Allens. Being proactive in their follow-up kept our funding schedule on track and the client is very happy with the results.
To support the company’s growth plans, Matt and Karen reached out to their bank, Community State Bank, for options. To reduce the borrower’s down payment and monthly interest rate, Community State Bank’s Jay Cashmore, engaged RCEDC to provide an SBA 504 loan. Overall, the expansion project was funded by Community State Bank (50% of the project costs), RCEDC and SBA 504 (40% of the financing), leaving only a 10% down payment required by the Allens.
