Once Again Nut Butter- Nunda, NY
In the Finger Lakes town of Nunda, Once Again Nut Butters (OANB) inspires for the way it conducts its work, as well as for its success. OANB is a business collective with nearly 70 employee-owners.
OANB’s commitment to integrity has fueled its growth since 1976. More recently, when OANB needed a new facility to separate peanut-based products from other operations, the company turned to its longtime bank, Five Star. There, the banker recommended funding part of the project with an SBA 504 loan and pulled in The 504 Company. Together, the two lenders provided a total of roughly $10.9 million in financing, 40% of which was provided through the SBA 504 program.
As OANB Chief Financial Officer Larry Filipski explains, “By partnering with both Five Star and The 504 Company, we secured a better interest rate and terms, which enabled us to be more aggressive in achieving our goals.”
“Any business that can meet with The 504 Company should. It makes a lot of financial sense, the process was simple and the business advantages are obvious,” continues Larry, referring to the 504 program’s below-market, fixed rates and 20-year terms. Today, OANB’s construction work is complete and new equipment and staff are in place, with plans for continued growth.