Recently Funded Deal: Auto Repair Shop
SBA 504 loan helps business purchase its existing space and improve cash flow.
An auto repair shop located in Philadelphia, PA was interested in purchasing the building from which it was operating. Renting was negatively impacting the business’s cash flow, and moving would be a burden as the business had invested heavily in leasehold improvements. After reaching out to his bank, the owner was referred to The 504 Company.
An SBA 504 loan for $170,000 combined with a conventional loan for $212,500 provided 90% financing for the total project cost, which made it possible for the owner to purchase the building.
When the business was renting, cash flow was strained and it was a struggle to keep its four full-time employees on board. Today, the repair shop is comfortably supporting those employees, and was able to take on an additional mechanic.
Have a deal to discuss? Contact a loan officer today.
About The 504 Company
We are mission-driven alternative lenders that provide creative financing solutions to help are We are mission-driven alternative lenders that provide creative financing solutions to help small businesses thrive. Throughout our 61-year history, we have provided thousands of small businesses—including start-ups, mature businesses, and minority- and women-owned businesses—with access to loans when they do not meet the requirements for traditional financing. We offer access to a suite of financing options that includes SBA 504 and Community Advantage loans, as well as online alternative loans, throughout New Jersey, New York, and Pennsylvania.