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Recently Funded Deal: Marble and Granite Company

Recently Funded Deal: Marble and Granite Company

Situation:

  • A marble and granite company located in Ramsey, NJ needed more space to expand their business.
  • The company saw an increase in orders and needed more space to store more inventory and to ensure that none of their business would be turned away.
  • Also, the company operated from multiple smaller locations and as a result there were increased employee and storage costs as well as other added expenses.

Solution:

  • Two River Community Bank recognized the fit for a CDC 504 loan for the marble and granite company.
  • The 504 Company funded $3,079,928 of a $7,699,823 project that allowed for the purchase of a much larger property and the construction of the building.

Impact:

  • The construction resulted in an increase in total square feet from 15,100 between two existing locations to 69,000 in the new location.
  • As a result of the expansion, the company would now be able to inventory larger slabs of marble and stone which are their primary products.

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