Recently Funded Deal: Vehicle Supplies Wholesaler
The 504 Company Helps a Business Expand and Own Additional Space
The company was operating out of a 4,000 square foot space in Brooklyn, NY. Operations were expanding, and additional space was needed for offices and storage for inventory and equipment.
A partner bank recognized the fit for an SBA 504 loan.
The 504 Company funded $1.2 million of a $3.2 million loan with only 10% owner equity required. This allowed the businesses to purchase additional property.
The purchase of the new, 5,800+ square foot space provided ample room for offices and equipment storage. It also offers a street-level loading dock to improve operations.
The property was move-in ready, so the companies were able to complete the project without heavy renovations or the purchase of additional equipment.
The project is expected to create 23 full-time positions over the next two years, including 11 salespeople, eight technicians and four customer service representatives.