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|Swing Science doubles its size with SBA 504 financing from Marine Bank and Indiana Statewide CDC
Golfers wanting to turn their swing into a sweet science may seek out custom clubs made with components from Swing Science, a 17-year old company that manufactures and distributes golf club grips, shafts and heads.
Swing Science just purchased and moved into a building in Zionsville that doubles its size, reflecting the success of equipping golfers for getting the most from their game.
Swing Science President Howard Miller purchased the building with a loan from the U.S. Small Business Administration 504 program through Marine Bank 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 Hoosier small businesses, creating or saving 480 jobs.
Miller says, "Marine Bank and Indiana Statewide CDC made this project possible. The fixed rate from the 504 loan is very important to us." The company's new building, at 11,250 square feet, is double the size of its old location. Swing Science has eight full-time employees and two more on a seasonal basis.
Ken Yedlick of Marine Bank says, "The 504 loan helps Swing Science plan their budget over a long time. This loan is working out well for them."
Miller says Swing Science sells to specialty golf retailers whose customers are a niche market containing about 10 percent of the nation's 30-million golfers. "We distribute parts for most of the middle and high-end golf club manufacturers," says Miller.
Golfers who buy customer clubs from Swing Science customers will be put through a custom fitting process; it may take an hour or so to measure the golfer's height, stance and test for the best head, shaft and grip for a club.
"Golfers often look for advanced equipment to improve their game," Miller says.