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|Brand-new Jonathan Byrd’s Fieldhouse opens in Westfield with SBA 504 financing from First Internet Bank and Indiana Statewide CDC
The doors are open and the courts are jumping in Jonathan Byrd’s Fieldhouse, the centerpiece of Westfield’s Grand Park. The 88,000 square-foot basketball/volleyball/training facility opened just after New Year’s Day and the first basketball tournament followed almost immediately.
Andy Card, CEO of Jonathan Byrd’s Fieldhouse, says 120 people will be employed at the fieldhouse, including trainers, referees, operations, and maintenance staff, concessions, and restaurant workers.
Card purchased the land and built Jonathan Byrd’s Fieldhouse with financing from the U.S. Small Business Administration 504 loan program through First Internet Bank and Indiana Statewide Certified Development Corporation.
Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.
Indiana Statewide CDC approved over $27 million in loans for 40 small businesses in fiscal year 2015 ending September 30. The $27 million ranks first among Indiana lenders under the SBA 504 loan program. The 40 projects saved or created 508 jobs in Indiana (133 jobs are retained, 375 are new).
Card says, “The financing package is great. Just as important, the Indiana Statewide CDC and First Internet Bank really worked hard on this. They are wonderful to work with.”
Christy Smith of First Internet Bank says, “The Fieldhouse is a great project and the SBA 504 loan helps Andy and his staff structure their financing and still retain capital for other start-up expenses.”
Jonathan Byrd bought naming rights from Card and operates a restaurant and concessions in the fieldhouse. Jonathan Byrd’s Fieldhouse encompasses eight regulation basketball/volleyball courts and one college regulation basketball court. Card says the Fieldhouse’s size, modern facilities, surrounding infrastructure and proximity to hotels/restaurant, and I-465 (less than 10 minutes away) will help attract competitors and spectators for basketball and volleyball tournaments from around the entire country. About 1,400 competitors participated in the first basketball tournament that began January 15.
Card says, “We have great promise, but the proof is in the response. We are already attracting regional and national tournaments that would have not come to the area before,”
Indiana Statewide CDC facts:
Indiana Statewide CDC has provided more than $463 million to 1,145 Indiana companies since 1983, creating or saving 26,500 jobs, and is the most prolific CDC in Indiana.
Since Congress created the 504 program, SBA 504 loans have funded over $62 billion to more than 130,000 small businesses. In turn, those small firms have created or retained over 2.1 million jobs for the U.S. economy.
Indiana Statewide CDC Executive Director Jean Wojtowicz says, “SBA 504 loans are effective because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 20 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer loan rates more favorable than conventional financing.”