Chicagoland Skydiving Center
Rochelle 504 Loans Client
(MoneyWatch) "We take people up in airplanes to 14,000 feet and then throw them out. Will you give us a loan?" Two banks and the U.S. Small Business Administration said "yes."
As a result, Doug Smith is flying high these days. But then, Smith usually does as owner of Chicagoland Skydiving Center. He's flying even higher as a result of receiving a $1.55 million bank loan to construct his new state of the art location in Rochelle, Ill.
Doug moved to Rochelle in March of last year from his former location in Hinckley, Ill. "We built a road, parking lot, and RV park and we brought in electric and fiber optics. That was phase 1 of the project," he explained.
Phase 2 was far more ambitious. It includes a 20,000 square foot building, aircraft hangars, offices, showers, a restaurant, orientation center, a comfort center, a retail store and more.
"I've had this vision for a decade, and it is now a dream come true," he said. (To have a look at the extensive construction-taking place, check out CSC's Facebook page.)
We were impressed that, in these times, Doug was able to receive two aggressive bank loan offers for a skydiving company.
He ultimately accepted a SBA 504 loan from Resource Bank. The process started with a meeting with SomerCor, a Certified Development Company (CDC) who specializes in SBA 504 loans exclusively. A CDC is a non-profit corporation that promotes economic development within its community through 504 loans. CDCs are certified and regulated by the SBA and work with SBA and participating lenders to provide financing to small businesses.
Credit: CBS MoneyWatch More…
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