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Bug-A-Boo Bay
Serving Up Success Through Planning, Patience and Vision
Certified Development Company:
Minnesota Business Finance Corporation
Owners:
David and Deborah Bistodeau
Location:
Alexandria,Minn.
Client:
Bug-a-Boo Bay, Alexandria
MBFC Solution:
$886,000 SBA 504 Loan on a $2.5 million construction project
Third-party Lender:
Bremer Bank, Alexandria
Overlooking Lake Le Homme Dieu in one of Minnesota's
fastest-growing resort destination areas, Bug-A-Boo Bay is a
unique restaurant offering a complete Caribbean-style menu,
plus a nightclub and waterfront docking. The 9,500-square-foot
facility seats up to 280 inside and an additional 100 on the
deck. During peak season the business employs approximately
150, and it employs just under 100 during the winter.
When Dave and Deborah Bistodeau purchased a prime commercial
lot on Lake Le Homme Dieu back in 1993, they didn't have a
specific development idea in mind. What they did have was
many years of experience as successful local restaurateurs, and
confidence that their new property was brimming with potential.
"While we didn't have the ultimate vision at the time, we knew
the location called for something special," said Deborah Bistodeau. "And with the wonderful lake view and the growth of the
community, we knew it was a sound investment." Today, after
years of careful planning and patience, the Bistodeaus' vision
for that special place is a reality known as Bug-A-Boo Bay.
To bring the Bistodeaus' vision to life, Bremer Bank suggested an
SBA 504 loan. "With its lower down payment and longer loan
term, the 504 loan made it possible to introduce a project of
significant scope to the community, and do it affordably," said
Dave Bistodeau. "Bremer was very positive about the program,
and Minnesota Business Finance Corporation (MBFC) made things happen seamlessly and easily — there
just wasn't the red tape I thought there might be. The whole
process couldn't have gone more smoothly, and we'd recommend
it to anyone thinking of growing their business."
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