Snakepit Customs moves to larger HQ on Indy's NW Side with SBA 504 loan from First Bank Richmond and Indiana Statewide CDC

Damon Sturrock enjoys the stylings of old cars and trucks. He also likes to install modern conveniences such as suspension and braking advancements that bring those oldies up-to-date. Sturrock's love of American muscle cars and trucks drove him into founding Snakepit Customs, a Hotrod and custom car shop that preserves the best of 50's through 80's American cars and trucks and retools them for 2022 and beyond. Sturrock started Snakepit in 2013 in leased space. Now, he's purchased and moved into a larger manufacturing building in Clermont, a town in western Marion County that is also home to Lucas Oil Raceway and the National Hot Rod Association National Drags. Snakepit Customs matches Clermont's racing vibe. Sturrock says, "Clermont has welcomed us and we really enjoy being here." Clients who own old vehicles come from around the country. Snakepit Customs has four employees. Sturrock hopes to add three-or-more to help the company catch up with a two-year waitlist. Snakepit Customs' new home is partially financed by a loan from the U.S. Small Busi-ness Administration 504 program through First Bank Richmond and Indiana Statewide Certified Development Corporation. Indiana Statewide CDC works with local Indiana lenders to provide SBA 504 loans to help small businesses buy real estate, buildings and equipment. SBA 504 loans can give small business owners long-term, fixed-rate financing similar to commercial loan terms available for large companies. SBA 504 loans generally allow borrowers to pay a below-market down payment and repay the loan with a fixed low, long-term interest rate. Sturrock says, "The SBA 504 loan helped me secure the building so Snakepit Customs has a permanent location and it is helping me get my bills under control. My mortgage is now less than I was paying in rent. I will also be building equity as opposed to giving my money away." Melissa Matney of First Bank Richmond says, "Snakepit Customs is an ideal candidate for the SBA 504 program. The 504 loan enables Damon to purchase a building to expand his small business while preserving liquidity for growing the business." Sturrock says, "We restore old cars and trucks with a modern flare. Our specialties include custom metal work, fabrication and metal shaping. I really enjoy the styling but I also love modern conveniences, such as suspension and braking advancements, and modern fuel injection and engine reliability. So merging the two is a great passion." Sturrock spent 14years as an Indy Car mechanic and crew chief. He turned wrenches for drivers such as 2011 Indy 500 Champion Dan Wheldon, Alex Zanardi, Tony Kanaan and Jimmy Vasser. He participated in 11 Indianapolis 500 races, four as Crew Chief. Sturrock says his highest 500 finish was fourth in 2010 as Crew Chief for Alex Lloyd at Dale Coyne Racing. Background: Indiana Statewide CDC has approved over $798 million of financing for more than 1,650 Indiana companies since 1983, creating or saving more than 30,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $2.0 billion in expansion financing for Indiana businesses. Executive Director Jean Wojtowicz says, "SBA 504 loans help small businesses grow because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 25 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer more favorable loan rates than generally available to small businesses." Snakepit Customs (www.snakepitcustoms.com) is a custom restorer of 50's through 80's American cars and trucks. Owner and operator Damon Sturrocks' five-year vision of the company is to continue to grow its client base to allow it to build show winning custom cars with six-figure figure budgets. First Bank Richmond (www.firstbankrichmond.com) has been serving its community since 1887. The Bank provides business and personal loans, investment, savings and checking services from nine locations in Wayne and Shelby counties, and reaches several more communities in eastern and central Indiana.