|Current 504 Loan Rates:
|Collision Cure opens in Fishers with SBA 504 loan from First Financial Bank and Indiana Statewide CDC
Opening day is Monday, October 6 for the new Collision Cure in Fishers. It's the sixth Collision Cure, a chain of auto repair shops based in Central Indiana and owned by Rick and Lynn Fields of rural Anderson.
The Fields obtained financing for their Fishers store from the U.S. Small Business Administration 504 loan program through First Financial Bank and the Indiana Statewide Certified Development Corporation.
Collision Cure is a home-grown success story. Rick Fields started work at an auto body shop during high school in Tipton nearly 40 years ago. He worked in several states and managed Church Brothers locations in Central Indiana before buying one in Anderson and renaming it "Collision Cure" in 2003. Since then, Fields opened Collision Cures in Muncie, Marion, Kokomo and Westfield.
Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses, including Fields' Collision Cure stores in Anderson and Fishers. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.
Fields initially was reluctant to work with the SBA 504 program. "I thought it would be a lot more cumbersome than it was," says Fields. The Indiana Statewide CDC and the banks I worked with explained everything I needed to know. I am real happy with my SBA 504 loans."
Mike Toussant of First Financial Bank says, "The Fishers location is an excellent fit for Collision Cure because it is convenient to the large client base of their insurance partners. The location will also attract retail business which will build as the company demonstrates the quality, timeliness and trustworthiness of their work."
Toussant says, "The 504 program's value is that it allows the borrower to preserve liquidity which helps fund the ongoing growth of the business. The long term, low fixed interest rate is also valuable in helping lock in one of their largest ongoing expenses."
In Fishers, Fields and his 17-person staff continue the complete array of auto services offered at Collision Cure's other locations. Included are such unusual customer conveniences such as free pick up and delivery of customer vehicles within 50 miles of Collision Cure, auto rentals at reasonable rates, and financing of deductibles.
And, the noun "cure" is not just another word in the shop's title. Collision Cure guarantees its "cure" for as long as the customer owns their car.
The Indiana Statewide CDC has invested over $459 million in more than 1,050 Indiana companies since 1983, creating or saving 26,500 jobs. Indiana Statewide CDC observed its 30th anniversary last year 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."