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Recently Funded Deal: Sign and Awning Company

Recently Funded Deal: Sign and Awning Company

Situation:

  • A full-service sign and awing company based on Long Island was presented with the opportunity to purchase another building to relocate the company’s headquarters.   
  • The borrower had previously worked with The 504 Company to purchase their first building in 2014.

Solution:

  • The 504 Company once again partnered with the borrower’s bank to finance the project, which allowed for the company to relocate its headquarters to a much larger property that includes 20,000 sq. ft. of space and provides a total of 60 parking spaces.  
  • The project totaled $2,807,000 including building purchase, renovations, equipment and soft costs. In all, the SBA 504 loan supported $ $1,122,800 of the total project costs.

Impact:

  • Since the new facility is 67% larger than the present one, it will allow the company to handle increased demand and accommodate their growing workforce, their vehicles and more equipment.
  • The new facility is in a location with better access to major roadways, which will allow the business to travel to job sites quickly.

The loan supported the continued growth of the business, enhanced efficiency and overall business operations, and created six manufacturing jobs in the local community.

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