SBA 504 Loan Allows Local Business To Consolidate Operations
Too many pieces in too many places was the biggest hurdle facing Ken Curran Electric, Inc in Barstow CA. They needed a way to consolidate their offices, equipment, and vehicles in one location to create smoother work flows and improve work processes. The High Desert small business was working with Chase Bank to purchase a commercial real estate property in Hesperia. Chase Bank reached out to us to help facilitate a Small Business Administration (SBA) 504 loan to finance the project. Utilizing the SBA 504 loan allowed the company to preserve working capital by taking advantage of its competitive terms, including fixed rates and a 10 percent down payment. We were able to close on the 10,000 square foot industrial building on 1.3 acres of land in just 63 days. Working closely with Bruce Kallen, of Shear Realty Commercial, and Joseph Brady, of Bradco Development, the team was able to help this local company centralize their operations.
Ken Curran Electric, Inc. has been operating in the Southern California region since 1963 when Kenneth and Theda Curran started the family-run business. The current co-owner, Steven Curran, began working in the business with his parents when he was just nine years old. His wife and co-owner, Margaret Curran, joined the business in 1992. Stephen is currently the head estimator and superintendent on all jobs. He works extensively throughout the Southern California region including the Inland Empire, the Coachella Valley, the High Desert, San Diego, and parts of Los Angeles County. A significant portion of their business comes from military, railroad, and educational contracts. They also serve the industrial, commercial, transportation, manufacturing, and high-tech industries in both the public and private sectors.
Margaret Curran was unsure about the SBA process at the beginning, given the tight timeline for closing. She remarked, “Gwen Bedics and her team at Enterprise were really great to work with. Gwen walked us through the loan process, explaining everything along the way. She was professional but very friendly and answered all my questions. Applying for an SBA loan can be a daunting task, but it really turned out to be a pleasant experience, thanks to Gwen. I have referred others to Enterprise, and I will continue to do so.”
At Enterprise Funding, we love supporting the economic development of regions through small business financing; this loan helped to add four jobs to the local economy. Our local High Desert loan officer, Gwen Bedics, enjoyed working with this family business. “Steve and Margaret Curran were an absolute joy to work with! Their quick and thorough submission of their paperwork made a huge difference in being able to close escrow quickly. It was also an honor to work with a family owned business that has been in operation in the High Desert for more than 50 years!”
We work with small business owners throughout the state of California who are looking to purchase long-term assets like land, commercial real estate, or equipment. Give us a call for more information, 909-792-3803. With over 30 years of experience, we make it easy!