Peosta family center awarded $935,000 small business construction loan

PEOSTA, Iowa — Construction of a new Peosta family entertainment center, featuring a bowling alley, received a financial boost this week from the U.S. Small Business Administration.

ECIA Business Growth Inc., a division of East Central Intergovernmental Association, announced Thursday that the roughly $3 million project had been awarded a $935,000 SBA loan to help finance construction of the 17,500-square-foot facility at 8412 Peosta Commercial Court, near UnityPoint Clinic Family Medicine and Walk-In Care Peosta.

ECIA works as an agent for the SBA to help administer loans locally to promote expansion of area businesses and the creation of new jobs, said Matt Specht, co-director of economic and community development for the nonprofit development corporation.

Specht said the family fun center, which will feature 12 bowling lanes, an arcade, bar, dining area and outdoor patio, should lead the creation of a mix of 15 to 20 new full-time and part-time jobs.

The center is being built by owners Dave and Tracie Pettera. The Petteras’ previous business, Cascade Lanes & Lounge, caught fire in August of last year. The business — as well as an attached Happy Joe’s Pizza — sustained heavy fire and smoke damage. However, the couple decided against rebuilding in Cascade and decided to erect the center in Peosta.

“It’s a great project for the community,” Specht said. “As Peosta grows and expands, it will be nice to have a family-friendly entertainment venue.”