SBA 504 Loan Feature: Institutional Furniture Manufacturer
The People’s Manufacturer: This SomerCor client has been crafting the furniture that most people don’t think twice about. But their work is critical; from schools and senior centers to hotels and restaurants, this furniture manufacturer supplies institutions across the country with the products they need to make sure their employees and customers feel welcomed and comfortable.
With humble beginnings producing cork and chalkboards in the late ‘50s, the company has grown to provide a wide variety of specialty furniture like tables, chairs, and more. Through their innovative design, quality workmanship, and commitment to customer satisfaction, the manufacturer continues to see steady business growth.
SBA 504 Building & Equipment Purchase
Eventually, the furniture manufacturer occupied four separate facilities to accommodate their expanding product lines, three of which were rented. And while the business growth was encouraging—the operational juggling was not. Partnering with SomerCor on an SBA 504 loan, the company purchased a building that consolidated its operational space while still increasing its square footage by almost 100,000 square feet. Not only does the company now own and control its facility, but every monthly mortgage payment made builds their own equity rather than someone else’s.
The company also purchased new equipment via the SBA 504 loan. New air compressors, presses, hydraulic benders, glue spreaders, cutters, and grinders in addition to owning the building helped set the company up for long-term growth.
“SomerCor is a valued partner – especially during our expansion. The SBA 504 loan made our next steps easier, paving the way towards purchasing and renovating our new headquarters and adding new equipment to further encourage our growth.” – Company Manager
SomerCor Team Members: Closing Analyst – Debra Morack; Loan Servicer – David Sommers & Sue Skinner
Download the program flyer and connect with a member of SomerCor’s loan origination team to learn more about how the SBA 504 loan program helps small businesses expand.
