As Rockland County continues its “road to recovery,” many local businesses have taken advantage of available funding through the U.S. Small Business Administration’s (SBA) 504 Loan Program, which has helped generate significant growth in Rockland.
“With Rockland County now in its own ‘Phase 5 – 04’ it’s encouraging to see that our small businesses are able to grow despite such challenging times,” said County Executive Ed Day. “The best way to move our economic agenda forward is to put more money directly into the hands of businesses that are looking to expand, modernize and ultimately create more jobs, and that’s exactly what this financing does.”
The 504 Loan Program provides approved small businesses with long-term, fixed-rate financing at below-market rates that can be used to acquire fixed assets for expansion or modernization. The program can also be used to refinance debt previously incurred for these types of expenses, therefore helping a business create essential working capital. Through its partnership with Pursuit, a non-bank lender that administers SBA loan programs to businesses in the region and beyond, Rockland County submitted letters in support of several businesses seeking 504 funding. As a result of this partnership, $20 million has been invested in projects that promote continued business expansion and job growth in the County.
“The SBA 504 Loan Program is a versatile financing tool that can help businesses leverage owner-occupied commercial real estate for stability or growth, even in our current economy,” says Tamara Underwood, Senior Vice President and a loan officer for Pursuit. “We greatly value Rockland County’s support for the program and are pleased to see its impact on the local economy. Together, we’re ensuring that more business owners are aware that 504 is an option.”
“We are grateful for the work that Pursuit has done in lending a helping hand to our local businesses in Rockland County,” said Director of Economic Development and Tourism Jeremy Schulman. “We are seeing success stories here in Rockland County with building acquisitions, construction expansion, land purchases, site improvements and job creation. With funding resources that allow for expansion and growth, we are sending out a clear message that businesses can ‘Make it in Rockland County, – Right Here. Right Now.’”
These are some of the diverse businesses in Rockland County that have taken advantage of this program:
Danny Clapp Landscaping in New City, family-owned and operated for over 30 years, received a 504 loan which helped them move their home-based location to a commercial space where they were able to bring their entire business operation under one roof.
Kindersmiles, a pediatric dental and orthodontics practice that expanded from New Jersey and opened a new location in Rockland County, received a 504 loan through Pursuit for the purchase and renovation of a building in nearby Ramapo, which will allow them a second location to welcome new patients who previously lacked access to pediatric dental care. Renovations are currently underway.
Linen Choice Corp. & Sanders Collection, Inc., wholesalers of bedding and home textiles that supply retailers such as Wal-Mart, Sears, and Wayfair, received a 504 loan for the purchase of land and the construction of a 110,000 SF facility near the Thruway corridor in the Town of Orangeburg. Both companies made a significate private investment to accommodate and consolidate their growing businesses. Construction is currently underway.
A&N Building Materials, Inc. (dba H&W Door & Hardware), a national supplier of commercial doors and hardware was approved for a 504 loan for the purchase of a new commercial property in Stony Point, almost tripling the size of their facility. The additional space will be used for inventory storage and workspace for custom projects.
“Getting the SBA 504 Loan enabled us to move to the next phase in our business growth and expand within Rockland County by purchasing our own property with warehouse and office space,” said Nathan Kahana, President of H&W Door & Hardware. “We are grateful to the county for its letter of support and dealing with Pursuit Lending who were at our side to guide us from beginning to end.”
Marino Avenue, Inc., an e-commerce retailer and business-to-business distributor of clothing accessories under the trade name of Mio Marino, headquartered in Suffern, received financing to acquire and improve commercial space in Chestnut Ridge, allowing the company to remain and expand within the County and retain and create new jobs. Such a significant private investment fills a market need in one of the fastest-growing economic sectors–“last mile logistics” — that will also generate tax revenues and contribute to the stability of the local economy.
For more information on the SBA 504 Loan Program, as well as other funding opportunities, businesses may contact Pursuit at 1-866-466-9232 or visit their website at www.pursuitlending.com.