“For nearly two decades, we’d planned to own an inn,” says Tina MacDonald, who co-owns BrickInn in Mt. Morris, NY, with her husband, John. “Now, we’re living our dream in the most wonderful community. Pursuit and the SBA 504 loan program are a big part of that.”
Here’s how they prepared for business ownership, found their ideal location in Upstate New York, and worked with Pursuit and ESL Federal Credit Union to purchase their heritage property – an award-winning inn on breathtaking grounds near Letchworth State Park, one of New York’s most beautiful and beloved parks.
Military life leads to a knack for hospitality
As Tina explains, “John served in the U.S. Army for 20 years and we moved around a lot – nine times in 20 years! We were always hosting friends, family, and service members wherever we went, and we realized that we really enjoyed it. As we envisioned what post-military life could look like, the idea of owning an inn evolved into a life plan.”
They were open-minded in terms of geographic location, with some caveats. “We’re four-season people, so something in the northern half of the country was a must, and we looked at locations from Wisconsin to New Hampshire,” John says.
They also wanted a place with a strong sense of community. “There are a lot of lovely locations, but quality of life and community are really important to us, especially after years of relocating,” Tina adds.
As soon as they saw BrickInn and Mt. Morris, they knew they’d found their dream location. It’s a historic mansion on several creekside acres with landscaping, woods, and more. “It was everything we envisioned and even more than we’d hoped for,” Tina says.
Taking advantage of resources
Tina and John knew that using available small business resources would best position them for the financing they’d eventually need.
John says, “As a military family, we’re eligible for services targeted to veterans. We participated in the Boots to Business program at the McNulty Veteran Business Center, which was terrific. The team was amazing, helping us transform our ideas into realistic plans and financial projections. We also got help from the Capital Region Small Business Development Center and through SCORE.”
Their hard work paid off, not only in preparation for the loan process, but through key resources and connections they made, including a recommendation of Pursuit and an SBA 504 loan.
Securing an SBA 504 loan
The SBA 504 loan program was developed by the U.S. Small Business Administration to help more small business owners to be eligible and able to purchase commercial properties. Among its many advantages are a 10% down payment for most purchases, as well as a 25-year loan term with fixed-rate interest, which makes repayment predictable and easier to budget.
These loans are made in partnership between a Certified Development Company (CDC), like Pursuit, and a bank, as well as the business owners.
SBA 504 loans are an excellent option for small business owners who want to purchase property for their businesses – and in the case of BrickInn and for the MacDonalds, it also meant securing their residence, as they live onsite.
They received several recommendations for Pursuit and soon, they were in touch with Pursuit VP and Business Development Officer Ben Alexander.
Tina says, “Our preparation was worth the effort, because after talking to Ben and learning more about the process, John and I felt confident that our dream was within reach.”
Ben worked through the SBA 504 loan process with Tina and John and soon, they were approved for financing. “Even though this was our first business loan and it was a significant purchase for us, Ben and Pursuit ensured that the whole process went smoothly. Every step along the way felt transparent and if we had questions or concerns, Pursuit and our bank were responsive and helpful.”
They officially became innkeepers in September 2025, with the arrival of autumn – the area’s busiest season, thanks to its abundant and beautiful fall foliage.
A legacy property with a bright future
As Tina and John wrap up their first full year of inn ownership, they say it’s everything they dreamed of and more.
John says, “There’s an active and supportive small business community here and they’ve been very welcoming. We’re involved in several organizations already and you can feel that Mt. Morris, which has a great history, is coming into a whole new era.”
Tina adds, “Our inn and property are simply beautiful and the previous owners, Chic and Dwight Yoder, created something wonderful here. They’ve helped make this a smooth transition, too, and that’s really important – as an award-winning inn with many repeat guests, the standard is high for BrickInn and we’re thrilled to continue and grow its legacy.”
Pursuit helps small business dreams become reality
“John and I planned this for so long – and to own this, and to live and work here now, is simply amazing,” Tina says. “We couldn’t be happier with the outcome, or with the financing and support that we got from Pursuit.”
If you’d like to learn more about how Pursuit can help you, contact us today.
Pursuit is a leading small business lender serving businesses across New York, New Jersey, Pennsylvania, Connecticut, Illinois, and Delaware. We offer loans and a line of credit for working capital, commercial real estate, equipment, and much more.
We’ve helped thousands of small business owners get the funding they need to achieve their goals, and we can help you, too.
