Cambridge Capital Management
Home
Contact Us
News
Calculate Your 504 Loan Payment Here!

Current 504 Loan Rates:
10 Year:
20 Year:
25 Year:
News
Upstream Health & Wellness expands in Portage with SBA 504 loan from 1st Source Bank and Indiana Statewide CDC

Dr. Robin Anderson is Upstream's lead practitioner. She and her husband, Rick Anderson, received a loan from the U.S. Small Business Administration 504 program to help build and equip Upstream Health's new facility at 3207 Willowcreek Road, Suite A in Portage. 1st Source Bank and Indiana Statewide Certified Development Corporation provided the SBA 504 loan.

Dr. Anderson says Upstream Wellness needs the new space to continue growing. "We offer IV vitamin infusions and a licensed mental health counselor in addition to our diabetes and other services," she says. Upstream Wellness employs seven people.

Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help owners of expanding or startup 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.

Rick Anderson says, "The SBA 504 loan offers us a lower down payment and low, fixed interest rate. Both of these features help us do more with our budget."

Lisa Misch, 1st Source Bank Assistant Vice President and business loan officer, says, "At 1st Source, our mission is to help our clients achieve security, build wealth and realize their dreams. The SBA 504 program allows us to offer an option to our clients that might make a better fit for them to achieve these goals and to help position them to have a successful future."

Background:
Indiana Statewide CDC has approved over $725 million of financing for more than 1,500 Indiana companies since 1983, creating or saving more than 27,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.8 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."

1st Source bank (www.1stsource.com) is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. 1st Source has $6.6 billion in assets and operates 80 banking centers in 18 counties. 1st Source Bank is headquartered in South Bend, Indiana, the city in which it was founded in 1863.

Upstream Health & Wellness (www.upstreamhealth.com) is a family practice that specializes in diabetes, weight loss management, thyroid disease and other hormonal disruptions.

Please do not forward non-public information through this website.