Completed in partnership with The Honesdale National Bank, worked on with assistance from PREP Partners the University of Scranton SBDC.
Ponderosa Pines Campgrounds has been in operation for over forty years. The entity sits on 50 +/- acres with frontage on a ten acre stocked fishing pond. The property has eighty-nine full services campsites, including lakefront campsites with docks on the lake. The campsites as accessible for RV’s, pull behind trailers and tents. There are also roads in place for an additional 10 sites to be put in place. Campsites include water, electric and sewer hookups to accommodate guests at the locations. For travelers that do not have a RV or tent, there are also cabins that are available for a nightly rate; 6 park model cabins and 2 rustic cabins.
NEPA Alliance, in partnership with The Honesdale National Bank, provided a loan to DellaTorre Realty, LLC and DellaTorre Ponderosa, LLC to purchase commercial real estate and equipment at the location. Total funds include $240,000 from NEPA Alliance at 2.992% interest for 20 years, $400,000 from The Honesdale National Bank, and a $160,000 equity injection from the borrower in the form of a sellers note.
The borrowers utilized the University of Scranton Small Business Development Center for several key elements of the loan approval process. Specifically, the borrowers work closely with the University of Scranton SBDC in creating supporting assumptions for the project to be used in the project cash flow that was submitted to SBA. Another crucial part of the assistance offered by the SBDC was the comprehensive market analysis performed to determine the feasibility of the project. Without these two items prepared with assistance from the SBDC, the loan application would have not been approved by SBA.
The business is located at 31 Ponderosa Drive, Honesdale, Wayne County, PA 18431-4001. The funds will be used for the purchase of commercial real estate and equipment; a small portion of the financing to be set aside for soft costs. Through the undertaking of this project, the historic campground will continue to operate and be rejuvenated with new owners. Additionally, with the funds from this project, the entity will be able to create 3 full time positions at the location.