Recently Funded Deal: Construction Management Company
The 504 Company supports business in need of larger office and warehouse space to grow operations.
A Huntington, Commack and Hauppauge, NY-based business was experiencing almost 10 percent annual sales growth while operating from three leased spaces totaling 40,000 square feet. A partner bank referred the owners to The 504 Company to pursue financing through the SBA 504 program to relocate into a larger space.
The SBA 504 loan program funded $2.60 million of a $6.60 million property purchase and renovation in Hauppauge, NY, allowing the company to combine operations into a single location. The borrower benefitted from low, fixed-interest rate financing and a 20-year term.
The new facility provided the company with increased efficiency from having all operations and staff in a central location as well as the ability to showcase building goods in-house for walk-in traffic sales. Loan supported the continued growth of a business that employs 121 staff members and funded nine jobs directly.
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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.