|Current 504 Loan Rates:
|Zaxby’s coming to Greenwood in September with SBA 504 financing from Lake City Bank and Indiana Statewide CDC
Casual dining chain Zaxby's puts its chicken tracks down in Greenwood this September.
Jeff Furlin, president of operating company Barred Rock, Inc., says the restaurant at 1274 North Emerson in Greenwood will be the first of three Zaxby's his company will open in Johnson County.
A business expansion loan from Lake City Bank and Indiana Statewide Certified Development Corporation is helping Barred Rock finance the building construction, which is just beginning, and the purchase of equipment. About 35 people will be hired to staff Zaxby's when it opens this fall.
From Statesboro, Georgia where childhood pals Zach McLeroy and Tony Townley started Zaxby's 25 years ago, the chicken-themed restaurants have fanned out to 16 states. The only two in greater Indianapolis so far are in northwest Indianapolis and Fishers.
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.
Jennifer Rouse, controller for Barred Rock, says "The SBA loan has an attractive 20-year fixed rate that helps us stabilize our budgeting."
Tim Schlichte of Lake City Bank says, "We are pleased to use the SBA 504 program to assist with mitigating the risk of a restaurant opportunity."
The Indiana Statewide CDC has invested over $459 million in more than 1,120 Indiana companies since 1983, creating or saving 26,500 jobs. Indiana Statewide CDC has provided this type of financing for over 30 years and is the most prolific CDC in Indiana.
Since Congress created the 504 program, SBA 504 loans have funded over $62 billion to more than 130,000 small businesses. In turn, those small firms have created or retained over 2.1 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."