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Recently Funded Deal: Auto Repair Shop

Recently Funded Deal: Auto Repair Shop

Situation:

  • An auto repair shop in Mount Vernon, NY did not have the space to repair the desired number of cars despite the shop’s owner’s valuable experience.
  • The owner has worked in the auto repair field for his entire career and has extensive knowledge of many different U.S and foreign car brands as a result of working domestically in the U.S and in the Dominican Republic.
  • The daily commute the owner had from Bronx, NY to Mount Vernon, NY was not ideal and did not allow for flexible hours for the shop.

Solution:

  • Orange Bank & Trust Company recognized the fit for an SBA 504 loan for the auto body shop.
  • The 504 Company funded $220,000 of a $550,000 project that allowed the business to purchase the desired property.

Impact:

  • The purchase provided the auto repair shop a permanent location and added parking for 2-3 more cars to allow the shop to increase its daily repair capacity to 12-13 vehicles.
  • In addition, the available space increased from 3,795 square feet to 6,339 square feet. The extra space will allow the shop to hold more cars on site for resale and more actively promote the other services they offer.

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