Many small business owners in California are thriving after tapping into low-interest Small Business Administration (SBA) financing programs.
In celebration of National Small Business Week (May 1-7), here’s a story of small business entrepreneurs who recently took advantage of a core SBA lending program to grow their company and create jobs.
In 2001, Bill McIlvene (CEO) and Jay Cadler (President) took over the reins of Veris Manufacturing, an electronics manufacturing services company, and began to expand the company’s capabilities by adding technology and acquiring quality certifications. The company serves a variety of industries including aerospace, automotive, telecomm, medical and the military.
As the business grew, space became a premium so the owners went looking for a larger facility to accommodate their projected growth. They found a building 10 miles away in Brea, California, but rather than lease the new space they opted to buy the $4.8 million building using a SBA-504 loan provided by CDC Small Business Finance. That allowed them to purchase their new home for Veris Manufacturing. At 27,000 square feet, it is double the space of their former location, with plenty of room to accommodate warehousing, office needs and a showroom. The owners anticipate growing the Veris workforce by 30% over the next two years.
CDC Small Business Finance, a non-profit, is the nation’s leader in providing SBA loans to small businesses, including those that have traditionally struggled getting access to capital. Over 30 percent of CDC’s loans go to women-, minority- and veteran-owned small businesses.