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|Crown Coatings expands to Fortville with SBA 504 financing from Huntington Bank and Indiana Statewide CDC
Crown Coatings LLC is moving into a newly-purchased building in Fortville. Owners Sandra and Alphonso Gibson started Crown Coatings six years ago to apply powder coatings on metal products ranging from auto components to motorcycle frames and bodies to custom rims and machine parts.
As Crown Coatings' customer list grew, so did the company's need for more space. The Gibsons found a building they could buy in the Fortville Business Park, five miles up Indiana State Road 67 from their leased location in McCordsville. They purchased the building with a small business expansion loan from Huntington National Bank and the Indiana Statewide Certified Development Corporation through the U.S. Small Business Administration 504 loan program.
Crown Coatings' new 21,000 square-foot building contains two manual production lines and one automated line capable of coating thousands of parts per day. The company has seven employees, including the Gibsons.
Sandra Gibson says, "Powder coating stays true to color and offers superior protection against rust and corrosion. We've always given our clients rapid turn-around time on custom orders, and we are able to reduce our response time even more in our new plant."
Indiana Statewide CDC works with local lenders to provide loans from the U.S. Small Business Administration (SBA) 504 loan program for expanding companies. Congress created the SBA 504 program to provide long-term, fixed rate financing for small business owners nationwide. Since 1986, SBA 504 loans have funded over $62 billion to over 130,000 small businesses. In turn, those small businesses have created or retained over 2.1 million jobs for the U.S. economy.
Executive Director Jean Wojtowicz says that the Indiana Statewide CDC has invested more than$415 million in 955 Indiana companies since 1983, creating or saving 26,500 jobs. Indiana Statewide CDC is the leading SBA 504 lender in Indiana.
Sandra Gibson says, "The loan is great and it helped us get into our new building. The 504 program has helped position us to become a major competitor in the powder coating industry. Thanks to the Indiana Statewide CDC and Huntington Bank for helping us get into our new building."
Derek Phillips of Huntington Bank says, "The 504 program allowed the Sandra and Alphonso Gibson to secure a long term fixed rate that is available only through the 504 program. This will set up Crown Coatings to be successful for many more years to come."