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New store expected to open in June
By: Joshua Heath CNHI News Indiana
The Greensburg Daily News - April 8, 2017

The Daily News learned back in March that the construction off Monfort Street was related to a new BP convenience store. Since then, more information has been provided. On behalf of BP, Simar Dhaliwal said back in March that the new building would be completed in the early summer. He also added that it would be a few times larger than the current one and a certain portion of the building would also be used for a tenant.

It was also mentioned by City Engineer Ron May that BP satisfied everything and did not need an exemption from the Board of Zoning Appeals. The new 6,000 square-foot “Grab n’ Go” building will open in June. Among the additions included are a kitchen for short-orders, chicken and pizza.

The business received financing from the U.S. Small Business Administration 504 loan program through Napoleon State Bank and Indiana Statewide Certified Development Corporation (CDC).

In a release issued by the Indiana Statewide CDC, it was stated that once the building is completed, local residents will see one of the most modern gas and convenience stores in the area, as well as up to eight jobs created or saved with the SBA 504 program.

“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,” Executive Director of Indiana Statewide CDC Jean Wojtowicz said. “The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer loan rates more favorable than generally available to small businesses.”

According to the Indiana Statewide CDC, they have provided more than $486 million to 1,170 Indiana companies since 1983, resulting in the creation or saving 26,500 jobs. Nationally, since Congress created the 504 program, SBA 504 loans have funded over $71 billion to more than 139,000 small businesses in the U.S. In turn, those small firms have created or retained over 2.1 million jobs.

Joe Moorman of Napoleon State Bank lauded SBA 504 for making it possible to contribute.

“This is a big construction loan for our bank, and we could not have done it without the SBA 504 program. It is good for the borrower and good for the bank,” said Moorman.

Owner of the new convenience store Jaspreet Gill shared his thoughts on the project and the loan.

“The 504 loan is the key to our whole project. The fixed-rate on our loan repayments never changes, so it will help me with my budget every month,” Gill said.

Employment numbers from the Indiana Department of Workforce Development (DWD) were recently released and showed that Decatur County currently has a 4.1 percent unemployment, meaning that the area currently has the 22nd lowest rate in the state.

And with the information stating that the new building could create or save eight jobs, Greensburg-Decatur County Economic Development Corporation Executive Director Marc Coplon expressed his thoughts on the expansion. “It’s very nice to have more jobs created in Greensburg, and also another amenity,” Coplon said.

The Daily News will provide more information as it becomes available.

Contact: Joshua Heath, 812-663-3111 x7401;
joshua.heath@greensburgdailynews.com

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