Merchants Bank of Indiana Closes Loans for Holiday Inn Express in Chicago Suburb

CHICAGO – Merchants Bank of Indiana (NASDAQ:MBIN) (“Merchants Bank”), today announces the closing of a loan from its Small Business Administration (SBA) Group for a new Holiday Inn Express hotel located in a suburb of Chicago. The loan will be used to fund ground-up construction at the project site, located at 4375 Frontage Road.

The new hotel will feature 90 guest rooms, comprised of king, queen and suite style units. The suites will include larger living areas, microwaves, refrigerators and a double sink vanity in the bathroom. All units will feature modern furniture as well as flat screen TVs. In addition, the hotel will offer guests access to a meeting room, indoor pool, fitness area, lobby workstation, breakfast dining area, market pantry and laundry facility.

Merchants Bank’s SBA Group provided a bank loan and an SBA 504 interim bridge loan for the property.

“We are grateful to have served as the financing partner for this new Holiday Inn Express,” said Sherwin Patidar, Vice President, Senior Business Development Officer at Merchants Bank of Indiana. “When the original loan provider backed out of the deal, we knew it was an opportunity for Merchants to step in and offer support. As a community bank, we are committed to serving our local clients in every capacity, and this transaction is a great example of that commitment.”

Construction on the property broke ground in mid-July and is expected to be completed in 16 months.

The SBA team at Merchants Bank partners with small businesses to provide working capital, refinance debt, purchase equipment, purchase or refinance real estate or acquire a business or its assets. To learn more, visit or find Merchants Bank on Facebook, LinkedIn, Twitter and Instagram.

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Contact One of Our SBA Lenders

Sherwin Patidar Headshot

Sherwin Patidar

Senior Business Development Officer

Headshot of Tony Holtzman

Tony Holtzman

Senior Business Development Officer 317.502.8547

Headshot of Tony Boddie

Tony Boddie

Senior Business Development Officer

Robert Stringer

Business Development Officer

Headshot of Mark Harville

Mark Harville

Business Development Officer

Headshot of Jeff Scott

Jeff Scott

President, SBA Lending

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