The business became a recipient of the U.S. Small Business Administration’s (SBA) 504 program. Owners Roger Baumeister and Jeremy Uhlenhake decided to purchase the building, which allowed them to expand operations and begin collecting rent from existing tenants. The project is expected to create four jobs in the future.
“Thanks to Town Bank and Business Lending Partners (BLP) the transaction was quick and easy,” said Uhlenhake. “The 504 program created an opportunity for us to grow our business, and also allowed us to keep enough working capital for everyday expenses.”
About Creative Welding & Fabrication
The company, formed in 2006, works in three primary categories including frame welding and assembly, manufacturing job-site trailers, and general contract welding projects. Creative Welding & Fabrication is the only specialty welding contractor in Burlington. They are the largest in the western parts of Racine and Kenosha County.
The owners worked with Town Bank and BLP to use the SBA 504 loan to reduce their down payment to 10%. This allowed them to retain enough cash for operating expenses. Town Bank provided 50% of the needed funding and BLP added the remaining 40% at a low, long-term, fixed interest rate.
“I am excited to see what Jeremy and Roger are able to accomplish with this expansion,” said Josh Sopczak, Vice President of Business Banking at Town Bank. “Town Bank is proud to partner with BLP, and the 504 program creates opportunities for our clients that otherwise may not exist.”
Like most businesses, production slowed in 2020 for this business and it caused a delay in several projects. However, in late 2020 and early 2021, projects were reinstated, revenues rebounded, and demand for their services increased exponentially.
Business owners and commercial lenders interested in learning more about the SBA 504 program can contact BLP’s Loan Officer, Wesley Walsh at email@example.com or by calling 262-898-7436.
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