“From day one, my plan was to have this building!” That is what Payne’s Florist owner, Mary Spratt had to say about her recent construction project. “When I first bought the business it had an established customer base, but new shoppers couldn’t find it. We were located in a dark corner of an “L” shaped shopping strip. One customer actually said she had lived in the neighborhood for 30 years … and did not know our shop was here. We are now in a bright and beautiful building on a major thorough fare. Merely by moving to the new location, our business has increased. I couldn’t be happier.”
Payne’s Florist specializes in unique and creative arrangements for gifts, parties, birthdays or funerals. Recent popular themes for floral displays include golf or gardening, which serve to personalize any floral arrangement.
Mary’s timing on applying for her loan was excellent, as long term rates had been in a declining trend. The SBA 504 loan structure provided a fixed rate on the debenture portion of the loan and because her business was an expansion of an existing business, her down payment was a very low 10%.
Questions on SBA504 loans?
Call Marilyn at Alliance Lending CDC 817-871-6448