Recently Funded Deal: Limousine Company
THE 504 COMPANY HELPS LIMOUSINE SERVICE COMPANY PURCHASE NEW BUILDINGS NEEDED FOR GROWTH AND EXPANSION
A black car limousine service operating throughout the five boroughs of New York City was in need of additional secure storage space for its growing fleet. The owners also planned to expand the scope of repair work that their in-house mechanic could provide by designating a larger space for repairs and investing in the necessary equipment. Their realtor referred the owners to The 504 Company to pursue financial support.
An SBA 504 loan for $2,182,000 and $2,666,235 in conventional financing provided the business with 90% of the funding needed for the expansion project.
The previous location hindered the business from expanding due to the limited space available. Today, the business now has 60 vehicles and an in-house auto repair shop which not only helps with efficiency but creates job opportunities.