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Former Polk Stables becoming 21st Century co-work and arts center with SBA 504 financing from GBC Bank and Indiana Statewide CDC
Polk Stables, a name from Indianapolis' past, is becoming an important part of a reviving near-downtown neighborhood. Polk Stables once housed horses that pulled insulated carts to deliver milk for Polk Sanitary Milk Company. The Stables building more than 90 years old is now the name of a new co-working and arts center being constructed inside the former stable. The project is a three-story brick building south of 16th Street along the Monon Trail in the Martindale Brightwood neighborhood.

When finished in early 2023, Polk Stables will be a launch pad and idea factory for entrepreneurs and artists from many disciplines, says Sajan (say-jan) George, the principal owner and manager for Polk Stables.

Mixing artists and entrepreneurs should inspire both, says George. "Entrepreneurs can be encouraged to think creatively and artists can be influenced to plan how to make a living off their art."

George worked with GBC Bank and Indiana Statewide Certified Development Corporation to buy and rebuild Polk Stables. A U.S. Small Business Administration 504 loan is financing the project.

Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help small business owners 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.

George says, "GBC Bank and Indiana Statewide CDC are really great partners to work with. The 504 loan is giving us an attractive financing package that meets the needs of our project".

GBC Bank's Christy Smith says, "SBA 504 financing was a great fit for the project."

George says, "We love the idea of respecting the history of our building and contributing to the neighborhood's comeback." The Polk Stables building shares the neighborhood with several new developments that include Provider Coffee, Greek's Pizzeria, Festiva, event spaces, new apartments and new and renovated houses.

Polk Stables principals Sajan George and Gregory Enas, share ownership with the Co-Hatch group that owns and operates co-working locations open or under construction in Circle Center Mall, Broad Ripple, Noblesville, Carmel and Zionsville.

Background:

Indiana Statewide CDC has approved over $760 million of financing for more than 1,600 Indiana companies since 1983, creating or saving more than 30,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.9 billion in expansion financing for Indiana businesses.

Executive Director Jean Wojtowicz (wa-tow-witz)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 fi-nance a portion of the loan. With the guarantee, we can offer more favorable loan rates than generally available to small businesses."

GBC Bank (www.gbcbank.com) was founded by five visionary businessmen in 1871, in Greenfield. At that time, Greenfield was a thriving village of 1,000 people along what became the National Road. The Civil War was only six years past, Ulysses S. Grant was president and the U.S. included 37 states. Today, seven locations of GBC Bank serve Greenfield, Fortville, Cumberland, McCordsville and New Palestine. Now in its 151st year, GBC Bank delivers high-quality financial solutions and personalized, friendly service, fostered by a company culture of community involvement, support and volunteerism.

Polk Stables (www.polkstables.com) will be a shared work and entertainment center location one block south of 16th Street along the Monon Trail in downtown Indianapolis. The 21,741 square-foot facility will include 38 private offices and 100+ co-working seats. Early 2023 is the targeted opening date. It also will house North High Brewing and include patio space.

Polk Stables is the last remaining building in the former Polk Sanitary Dairy complex. Polk's main building (now demolished) was a familiar landmark for its two three-story milk bottles on its front corners. Polk Dairy was founded in 1893 by J.R. Polk. Polk Dairy provided fresh milk and other dairy products to Central Indiana for more than 75 years, from 1885 to the 1960s. The building currently being renovated for the Polk Stables co-working spaces was built to house horses that pulled Polk's refrigerated wagons through Indianapolis neighborhoods to deliver fresh milk each morning.


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