Tom Elston, DVM owner of T.H.E. Cat Hospital in Tustin, California was looking for a way to finance business growth without increasing operating expenses. The company has provided medical services, boarding, and grooming exclusively for felines for more than 25 years.
Dr. Elston was referred to CDC Small Business Finance by his bank for help with obtaining low rate financing to support his goals. Since the business owned their commercial real estate, CDC was able to offer a refinance loan with a lower interest rate and better terms, effectively lowering their monthly payments. CDC accomplished this for the business by providing an SBA-504 Refinance Loan.
The loan from CDC enabled the company to refinance their 5,000 square foot building, hire additional employees, update equipment, and expand their marketing. “With the 504 Refinance, we expanded our marketing efforts and business has started growing again!” says Dr. Elston.
Watch this video to see how T.H.E. Cat Hospital expanded their business with financing from CDC Small Business Finance:
CDC Small Business Finance is a not-for-profit lending organization dedicated to helping small businesses grow and create jobs. Acting as an advocate for business owners, we work with you from start to finish – through navigating financing terms, securing approval and finalizing your loan – to ensure you receive the best financing for your needs. Learn more here, or contact the local CDC Loan Expert in your area to discuss your business goals.
This weekend which rolls into Monday, 4th of July, America celebrates their independence. It is also a day that many reflect on the men and women that have served in our Nation’s military to help allow us our freedom. In honor of these Veterans of the United States Military, the VetLoan Advantage was born. Veterans looking to buy, build or grow their business can now receive cash savings in three ways with this loan program.
For Veteran entrepreneurs approved for an SBA 504 loan, CDC Small Business Finance will present the borrower a cash rebate of up to $3,000 which will be awarded to help offset certain loan expenses. Particularly, the appraisal and environmental fees. With low rates still available that are locked in for the life of the loan, the savings to the borrower are considerable.
The Community Advantage Loan Program provides financing up to $250,000 for working capital, equipment, inventory, tenant improvements and business acquisitions. Fees include an SBA fee of 2-3% and a packaging fee of up to 1%. In support of the Nation’s Veterans, CDC Small Business Finance will waive the packaging fee for veterans which is a savings of up to $2,500!
The SBA Microloan‘s Veteran participants will also see a considerable savings through this program. We will waive the 2% loan fee for a savings up to $1,000. That’s more money in your pocket for the important things you need to run your business.
It’s all our big way of saying THANK YOU to our Veterans for all that you do and have done to help make our country the greatest on earth. Happy Fourth of July Veterans! Happy Independence Day to us all!
If you are a Veteran that would be interested in the VetLoan Advantage savings contact us today at 800.611.5170 or find a loan expert near you. Are you a transitioning from service and looking for meaningful employment in the civilian workforce? SBA’s Boots to Business may be for you.
US Technical Ceramics, a small business manufacturer in Morgan Hill, CA, needed a solution for a looming balloon payment on a commercial loan debt. The company manufactures structural ceramics for a variety of industries and was looking for capital to expand.
The company decided to enlist the help of CDC Small Business Finance for assistance with refinancing their existing business debt to secure a lower interest rate and better terms, effectively lowering monthly payments. CDC achieved this for the business by providing an SBA 504 Refinance Loan.
“The SBA 504 refinance program came at the right time. We were facing a significant balloon payment with our old loan. The refi offered a fixed rate over 20 years. It gives us more financial flexibility and allows us to allocate more dollars to initiative that will help the company grow and create new jobs.”
The total debt refinancing project cost was $3.7 million, with 90% refinancing and 10% injection from equity in the property.
CDC Small Business Finance offers refinancing of commercial debt to business owners looking to lower their monthly payments, boost cash flow and grow their business. CDC will work with you from start to finish – through navigating refinancing terms, securing approval and finalizing your loan – to ensure you receive the best financing for your needs. Learn more here, or contact the local CDC Loan Expert in your area to discuss your business goals.