SBA 504 Loan Helps Jacksonville Furniture Retailer Gain Valuable Space
Industry West will soon open its new San Marco showroom and headquarters to the public. The e-commerce company, which describes itself as a “leader in providing a progressive, tastefully curated collection of modern furniture” from around the world, recently completed a state-of-the-art design and showroom facility with the help of the Small Business Administration (SBA) 504 Loan Program.
Industry West was founded in 2011. About five years ago, the company moved its head office into a leased location after being home based. Due to the company’s fast pace of expansion, co-founder and CEO Jordan England became interested in buying (verses leasing) a building to permanently house its headquarters and serve as a base for its sales team, design consultants customer service representatives and senior leadership.
England secured an existing 4,300-square-foot structure and worked with Florida First Capital and the SBA 504 Loan Program to finance the $1.4 million project, which included extensive renovations.
Industry West also operates a 68,000 square-foot warehouse space in Jacksonville and a 60,000 square-foot distribution center in California, where they have many clients.
“This is the kind of project that the SBA 504 Loan Program was designed for,” said Kristen Tackett, Florida First Capital Vice President and Business Development Officer for Northeast Florida. “By utilizing a 504 loan, not only does the borrower get a long-term, below-market fixed interest rate with predictable mortgage payments, but Industry West was able lay out a small 10% down payment and can devote its savings to working capital.”
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms for the purchase of major fixed assets, such as owner-occupied commercial real estate and/or heavy duty machinery and equipment.
504 loans are paired with private-sector commercial loans and provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available. These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
For more information about SBA 504 loans in Florida, South Alabama or South Georgia, contact a Florida First Capital Loan Officer or email us at firstname.lastname@example.org. Phone: 850.681.3601 or toll-free at 888.320.5504.