SBA 504 IN ACTION ON MAIN STREET: PROFESSIONAL & MEDICAL SERVICES
What do an architect, a law firm, and a neurologist have in common? They all represent the kinds of small businesses you will find in cities and towns across America and they’re all clients of Bay Area Development. These entities and literally millions of others make up what the SBA refers to as “Main Street” – the vibrant mix of shops and services that are fueled by entrepreneurs and support just about every aspect of a community.
The SBA 504 program exists to ensure small businesses in virtually every industry have access to capital so they can purchase commercial real estate and equipment to help them grow and create new jobs. The “Impact on Main Street” graphic in our annual report illustrates the breadth of our work and below is an inside look at the success of three projects we recently funded in the Professional & Medical Services category:
A neurology practice in the Central Valley needed additional space to meet patient demand. This was a critical move because there are very few similar practices in the region. The new building replaces a leased location, meaning our client’s occupancy rates are fixed at a lower monthly cost. And, their practice has created 15 new local jobs and now has the space to welcome new patients who need specialized care.
A law firm with a longstanding history in Stanislaus and San Joaquin counties came to us with an expansion goal. The female-owned practice wanted to purchase commercial property in Antioch in order to establish a presence to serve clients in Contra Costa County. After adding this new location, the firm has already seen a boost in its caseload and a 15% increase in its revenue.
A Napa-based architecture firm had been leasing two locations and wanted to purchase a replacement property. With SBA 504 funding they were able to buy a standalone building in a prime location with a dedicated parking lot for their clients’ convenience. This project helped the firm lower their monthly occupancy costs as well as create four new jobs in the community.
As a CDC, our team delivers the SBA 504 program as efficiently as possible to deliver results like those above, but that’s really the bare minimum of our work. There are more than 20 industry categories for small businesses and in our nearly 45-year history we have assisted numerous clients in virtually every one of these industry categories. Our deep understanding of the market spaces in which our clients operate means we provide more than solid funding; we offer advice and expertise tailored to their unique needs. Contact us to learn how we can do the same for your company. It would be our privilege to talk with you!
