• 10 Benefits from One 504 Loan

    As Community Business Finance celebrates its 10th year of making business dreams come true, we want to share 10 ways one client benefitted from the 504 Loan Program. You might be surprised by the number of ways your business can improve simply by choosing the right loan.

    We have detailed Fish Gallery's journey in our Success Stories, but we'd like to emphasize 10 specific benefits this business experienced from just one 504 loan. Fish Gallery owner, Roger DeGegori, used the 504 Loan Program to purchase a building to move his business to a new location.

    Roger believes that this loan was a key factor in Fish Gallery's success. Roger says, "It was absolutely a lifesaver for my company. It was huge." Here are just 10 ways that the Fish Gallery benefitted:

    1. The SBA was willing to approve the loan when others would not. Roger had approached 12 traditional lenders for a loan, and, due to the economy, was turned down by them all. However, Community Business Finance knew he was a great candidate for the 504 Loan Program.
    2. Community Business Finance got the loan approved fast. After 18 months trying to get a loan from traditional lenders, Community Business Finance got it approved in a few weeks.
    3. The monthly loan payments were lower than his lease payment.
    4. Roger reduced his overhead by 40%. The utility costs in the new building were substantially lower, as well as the property taxes.
    5. Roger was able to start building equity.
    6. Fish Gallery hired 10 new employees. The new building in conjunction with the monthly savings allowed Roger to expand his business.
    7. Fish Gallery survived the recession. With a smaller monthly loan payment and reduced overhead, the savings allowed Roger to keep his business in good financial shape even through the economic downturn.
    8. Roger increased his customer base. It turns out that the new location is even better than the last location, and his customer base grew substantially. Fortunately, Roger had 10 new employees to help him with this unexpected growth.
    9. Roger paid down debt and improved his new property. Again the monthly savings allowed Roger to clear out a great deal of debt and make improvements to his building, which increased the value of his property.
    10. Fish Gallery expanded into Austin. The savings that the loan created allowed Roger to expand his business. Roger notes, "I could only afford this because of the loan package from Community Business Finance."

    Community Business Finance is proud to provide the best available financing terms to the businesses we serve. As a dynamic resource for the business community, we have an interest in helping your business succeed.

    For more information on Community Business Finance's 504 Loan Program visit our 504 School, or contact our offices:

    In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at bill@communitybusinessfinance.com.

    In Louisiana, call Jeanne Bergeron at 1-800-462-1017 or email her at jeanne@communitybusinessfinance.com.

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