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Recently Funded Deal: Auto Repair Shop

Recently Funded Deal: Auto Repair Shop

SBA 504 loan helps business purchase its existing space and improve cash flow.

 

 

 

 

Situation:

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.

Solution:

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.

Impact:

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.

 

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