|Current 504 Loan Rates:
|Green BEAN Delivery opens new headquarters with SBA 504 loan from STAR Financial Bank & Indiana Statewide CDC
Trucks with Green BEAN Delivery logos on their sides are fast becoming familiar in Indiana, Ohio, Kentucky, Missouri and Tennessee.
Their home is in Indianapolis. Green BEAN Delivery, the region's largest online natural and organic grocery delivery service, fully occupies its new corporate headquarters building this Monday (March 2), bringing more than 200 jobs to Indianapolis' east side.
Matthew Ewer started the fast-growing company in 2007 in Lawrence. Its new headquarters is near the I-70/Emerson interchange; central to Green BEAN Delivery's customer base in Indiana, Ohio, Kentucky, Missouri and Tennessee.
To make the move, Green BEAN Delivery purchased and renovated a building near 25th and Emerson, partially financed with a loan from the U.S. Small Business Administration 504 loan program through STAR Financial Bank and the 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.
BEAN used the loan to purchase a building containing corporate offices and a central distribution warehouse, and adjacent land for future expansion. The construction portion of the loan was used for remodeling and upgrades to electricity, flooring and carpeting. The building houses parent company BEAN, LLC. (Biodynamic, Education, Agriculture, Nutrition) and its operating units: Green BEAN Delivery, Tiny Footprint Distribution, Feel Good Farm and EcOhio Farm.
Ewer says, "We partner with the best local farmers and artisans to bring organic produce and natural groceries to communities around Indiana and surrounding states. The SBA 504 loan was a big boost for us because it combines a small down payment with a low and fixed interest rate. The SBA loan allowed us to make a solid long-term investment in much needed infrastructure while keeping our cash flow fluid for market expansion and business development."
Jim Wallace of STAR Financial Bank says, "This business is Matt's passion – I've seen the growth steps he's taken to make Green BEAN Delivery what it is today. I believe this opportunity will allow him to take even greater steps. In regards to utilizing the 504 loan, it was a no brainer. It is the best path to take and allow Matt to accomplish his goals as a business owner. And the Indiana Statewide CDC is great to work with."
The Indiana Statewide CDC has invested over $438 million in more than 1,100 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 $66 billion to more than 135,000 small businesses. In turn, those small firms have created or retained over 2.2 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."