SomerCor Celebrating Client Success: Ivy Garden Learning Center
April 4, 2017 504
Michael Zhou and Yong Zhou obtained $2,147,600 in SBA 504 financing and an additional $2,684,500 in financing from The Bancorp Bank to purchase and renovate a property located at 1455 S Michigan Ave, Chicago, IL. The purchased property will be the fifth Ivy Garden Learning Center location within Chicago. Michael and Yong have nurtured Ivy Garden Learning Centers into a revolutionary education experience for children 6 months to 5 years. The SBA 504 junior financing closed in September of 2015 priced at 5.1% fixed for 20 years.
Michael Zhou – Owner:
As a young business, we are thankful for the help offered by the 504 loan program. By being involved in the program, we are able to invest in larger facilities to suit our business growth with less capital. Not only that, since the loans are fixed for 20 years, we could avoid the hassles of refinancing every 5 years. Overall, we feel that the 540 loan program is generating a positive impact on the economy.