$1.6 Million Small Business Loan in Coachella Valley
At Enterprise Funding Corporation, our reach and impact as a Certified Development Company (CDC) continues to expand beyond the Inland Empire, providing commercial mortgages and small business loans throughout the entire state of California. Our primary goal is to foster economic development by financing business growth through the SBA 504 loan program to all regions - including Southern, Central and Northern California. At the heart of every loan that we finance are the small business owners who have taken risks and, at times, laid all they have on the line to pursue a dream, and in the process, kept local economies thriving and growing.
Kathy Graham, owner of Budget Blinds in Palm Springs, approached us to help finance a commercial mortgage to expand her business. Due to recent and projected business growth, Graham decided that the time had come to purchase her own building and expand her showroom. With the 504 loan from Enterprise Funding, she purchased the building that she had been leasing for over 20 years and created a new showroom that will be the only total window treatment display in Palm Springs. The new showroom provides more brand options to homeowners in the Coachella Valley than any other home improvement store. Graham projects that the new showroom will allow her to increase sales by 20-25% in the next year.
Graham has been at the helm of this Coachella Valley franchise since its inception in 1994. In addition to ownership and general management, Graham carried the business through the recent recession, taking on the role of salesperson when she had to downsize her staff in order to keep the business open. Graham kept her vision strong, even as the housing bubble created a weakened demand for home-improvement related products. Her determination to successfully navigate through a challenging economy has been rewarded as she has consistently received the Budget Blinds corporate award for being the top ten in sales nationwide for the last ten years.
Early in her search for financing to purchase her building, Graham found out about the SBA 504 loan program. It offered Graham exactly what she needed - a low down payment. With the terms of a traditional commercial mortgage out of her reach, she opted to take advantage of the 10% down payment offered by the SBA 504 loan. The $1.6 million project had a low rate of just 4.79% over 20 years. The SBA loan from Enterprise Funding will facilitate the hiring of 3 or more additional employees over the next two years.
Graham said of her experience working with Enterprise Funding, “A lot of documentation was required for this loan, overall Enterprise Funding made that simple because of their help and assistance. Anytime they needed information, they were able to explain it to me and walk me through the whole process.”
Questions about what an SBA 504 loan can finance or how our team of experts can help you? We’d love to speak with you about financing your business growth. Give us a call at (909) 792-3803.