SBA 504 Loan Helps Family Business Continue a Legacy
LAND Leather was founded in 1969 by Jimmey Iszler at the young age of 28. A North Dakota farm boy who was raised believing that a life full of adventure and hard work was the key to happiness and success. After serving as a Peace Corps Field Officer in the mountains of Colombia and Peru, he headed back to Washington D.C. for his master’s degree at American University. One day at class, he went for a coffee break and never went back.
What was supposed to be a quick coffee break was the beginning of something much bigger than he would have ever imagined. His thirst for international adventure and love of leather led him back to Belen, Colombia, South America. It was there high in the Andes Mountains, one of the world’s major cattle producing regions, where the company’s first products were made and tested, and a philosophy was developed: make an identifiable product in the softest, most durable leather and you will develop a loyal following of quality conscious customers.
Half a century later, the Iszler family continues the legacy that Jimmey created in LAND Leather. Today, the company manufactures and distributes products which cover over 2,000 styles divided into several distinctive collections, including travel wear, handbags, briefcases, shoes, belts, sandals and wallets and more. And, as from the beginning, each and every LAND Leather product carries a lifetime guarantee.
Based in Miami, the company recently needed to expand its distribution facility, which it also had been leasing. The Iszler family worked with Alejandro Buitrago, Florida First Capital Vice President and Business Development Officer for the Miami-Dade area, and utilized the Small Business Administration (SBA) 504 Loan Program to finance the $462,000 purchase of an existing office condo/warehouse facility.
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and/or fixed 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.
Visit LAND Leather online at www.landleather.com.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.