Recently Funded Deal: Learning Center
- The owner of a learning center in Lincolndale, NY that had been in operation since 1987 was retiring, selling the business, and selling the real estate from which it operated.
- One of the teachers had an interest in purchasing the business and the real estate from the owner in order to keep the center open and improve its services and amenities.
- People’s United Bank recognized the fit for an SBA 504 loan.
- As a result, The 504 Company provided $236,250 of a $675,000 project that allowed the center to expand and develop new programs and hire new teachers.
- The SBA 504 loan helped the center’s owner hire one new teacher and two part-time staff members to develop an after-school program consisting of specific activities and workshops.
- Also, an additional month will be added to the center’s existing summer program that runs four days a week for 6 week.