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|Thieneman Construction, Inc. establishes new headquarters with SBA 504 financing from Centier Bank and Indiana Statewide CDC
One of the Midwest’s largest contractors specializing in building municipal water and wastewater treatment plants, Thieneman Construction, is moving into its new corporate headquarters in Westfield.
Steve George, chief financial officer at Thieneman, says the company now has more than 50 employees working in a 22,000 square-foot office and 10,000 square-foot warehouse at its new location. Many of them, along with subcontractors, are on job sites most of the time.
Company President Ken Thieneman, obtained financing for purchase of the land and construction of the new building from the U.S. Small Business Administration 504 loan program through Centier 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.
George says, “The SBA 504 loan is a great product for us because our cost of funds is stretched out over 20 years.”
Centier Bank’s Tim Turner says, “The SBA 504 program provides invaluable financial flexibility to a growth company like Thieneman Construction. The lower down payment requirement helps preserve working capital while a long-term fixed interest rate provides protection against interest rate risk.”
Thieneman Construction, Inc. began in 1999 in Merrillville and still maintains an office in Lake County.
Indiana Statewide CDC approved over $27 million in loans for 40 small businesses in 2015. The $27 million ranks first among Indiana lenders under the SBA 504 loan program. The 40 projects saved or created 508 jobs in Indiana (133 jobs are retained, 375 are new).
Indiana Statewide CDC has provided more than $463 million to 1,145 Indiana companies since 1983, creating or saving 26,500 jobs, and is the most prolific CDC in Indiana.
Since Congress created the 504 program, SBA 504 loans have funded over $67 billion to more than 135,000 small businesses in the U.S. In turn, those small firms have created or retained over 2.1 million jobs.
Indiana Statewide CDC Executive Director Jean Wojtowicz says, “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. 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 20 years.”
Centier Bank is a family-owned bank in northern Indiana. Centier has 51 locations in Allen, Elkhart, Hamilton, Lake, LaPorte, Marion, Marshall, Porter, St. Joseph & Tippecanoe counties. Centier is currently serving in more than 26 communities with 750 associates.
Thieneman Construction continues to grow as a premier environmental contractor building municipal and industrial water and wastewater facilities across the upper Midwest. Established in 1999, Thieneman manages projects from two Indiana office locations: Westfield and Merrillville.