Video: When Would an SBA 504 Loan Be Necessary?
While a 504 loan may be attractive to most small businesses, there are times when it is absolutely necessary for a business project to proceed.
HCDC VP Lending, Andy Young, explains the details in a two-minute video.
Click below to watch:[iframe id=”https://www.youtube.com/embed/KJorrLlc6Dg” mode=”normal”]
SBA 504 Spotlight: HCDC Helps Machine Shop Wray Precision Purchase New Facility
|Wray Precision is a part manufacturer for industries like amusement park roller coasters, commercial HVAC, gasoline refineries and generation plants, and medical hardware. Owner and president Steve Dorgan purchased half the business when he joined Wray Precision in 1998, and purchased the other half in 2008. In the meantime the business blossomed and needed to expand. Dorgan came to HCDC to help with the real estate lending. “HCDC walked me through the SBA 504 loan process every step of the way, which I really needed since I had never purchased commercial real estate before. They also helped me out with a tricky leased land situation that also helped pave the way for future commercial real estate purchases,” says Dorgan. Wray Precision’s new property is triple the size of the former location at 12,000 sq ft versus 4,000 sq ft. “This new space has allowed us to add machines and store materials. It also enabled us to have a conference room which is more professional and shows better to clients,” adds Dorgan.|
|Johnstone Supply Eastern Michigan Group|
|Downtime Reduction, Incorporated & Downtime Rebuild LLC|
|Wegman Construction Co., Inc|
HCDC Businesses In the News
|See Which 10 Companies Got Cincinnati’s Largest SBA loans Last Year: SLIDESHOW|
Certified by the U.S. Small Business Administration (SBA), HCDC provides growing businesses long-term, fixed rate financing for as little as 10% down in Ohio, Kentucky
and Southeast Indiana. As a top SBA 504 loan provider, HCDC has financed more than
$1.0 billion in approved projects in the tristate region. That investment means
10,000 new jobs have been created from business growth, contributing to the economic
health of local communities.