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Recently Funded Deal: Vehicle Supplies Wholesaler

Recently Funded Deal: Vehicle Supplies Wholesaler

The 504 Company Helps a Business Expand and Own Additional Space

 

 

 

 

Situation:

  • 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.

Solution:

  • 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.

Impact:

  • 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.

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