LoDolce Machine Co.- Saugerties, NY
LoDolce Machine Company offers precision machining, metal fabrication and welding for the aerospace, commercial, military, and transportation industries from its facility in Saugerties, NY. This highly specialized work requires state-of-the-art equipment and technology – and a lot space to manufacture parts used on airplanes, tanks and trucks. The business’s funding needs led to numerous loans over time, and owner Mike LoDolce wanted to refinance them into one monthly payment and obtain additional working capital.
Mike learned about The 504 Company through funding partner Rhinebeck Bank and together, they approved $1,632,000 through a Small Business Administration (SBA) 504 Refinance loan.
“Refinancing our existing loans reduced the interest expense and the five-year balloon refinancing fees. This gave us the financial stability to take on larger projects and hire additional, experienced staff,” says Mike.
Mike’s been in the business for 35 years and acquired his current venture in 2012. He looks to commercial business and government contracts for continued growth, and when he needs funding to power LoDolce Machine’s expansion, he’d partner with The 504 Company again.
“The application and loan processing were pretty simple processes,” Mike explains. “And everyone we worked with was very helpful during the process, and very pleasant and friendly.”