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|Local Transportation group lands large contracts, expands with SBA 504 loan
from Greenfield Banking Company and Indiana Statewide CDC
Kyle Blue's trucking companies deploy semi-trailer trucks across the U.S. Blue owns and is president of JLB Trucking Company, Inc. and Blue Mane Logistics, LLC. He started the companies less than two years ago. Rapid growth fueled by contracts with Federal Express and Amazon Logistics led Blue to jump from two employees and two trucks to 45 people and 24 trucks.
To handle the growth and future expansion, Blue bought a large building at 1640 Midwest Blvd. on Indianapolis' west side. JLB Trucking and Blue Mane Logistics' new headquarters -- with a large garage for truck storage and repair -- is financed with a loan from the U.S. Small Business Administration 504 program through Greenfield Banking Company and 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. Loans from Indiana Statewide CDC and partner lenders in 2016 provided more than $31 million to 44 small Hoosier small businesses, creating or saving 480 jobs.
JLB Trucking and Blue Mane are riding, and helping create, a wave by FedEx and Amazon to ship customer orders faster. For Amazon, and its new premium service Amazon Prime, Blue Mane trucks carry freight from Amazon's five Indianapolis-area distribution centers to nearly anywhere between the Southern East Coast and Northern East Coast in one day.
Blue says, "We are particularly grateful to FedEx for paving the way for us to expand into this opportunity with Amazon."
The SBA 504 loan met JLB and Blue Mane's needs for a low down payment and long-term fixed interest rate, says Blue. "We got a good, guaranteed rate. The 504 loan allows us to deploy our capital more effectively."
Bryan Miller, Vice President and Commercial Lender for Greenfield Banking, says, "JLB Trucking's growth has been incredible, and it has a bright future. The 504 loan's low, fixed rate and minimal down payment allows the bank to help JLB Trucking and Blue Mane at this crucial time and creates a long-term bank-client partnership."
JLB and Blue Mane's success is also a boon to local semi-trailer truck distributors. Blue says Freightliners make up most of his fleet, with additional trucks from Kenworth and International.