Recently Funded Deal: Video/Data Cabling and Fiber-Optic Services Business
Business Consolidates Multiple Locations with Support from The 504 Company
A business that provides video/data cabling and fiber optic services located in Victor, NY was working out of multiple locations which caused logistical challenges and inefficiencies. Looking to consolidate into one location, they reached out to a financial advisor who referred them to The 504 Company.
The business was in need of a longer loan maturity than their longstanding bank offered, so the banker referred the owner to the 504 Company for a 504 loan, which offers up to 20 year terms with fixed interest rates. $503,500 in SBA 504 financing combined with $629,375 in bank financing made this project possible. The borrower completed the consolidation in to the new location, comprised of 3,000 square feet of office space and 22,500 square feet of warehouse space, more than quadrupling the business’s previous space.
Consolidating into one location immediately increased efficiency for the business, as it was able to house its vehicle fleet under one roof and streamline staff management. Forty-four local jobs were retained and 15 additional employees were hired.
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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.