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|Jump-N-Joey's bounces on Bloomington scene with assist from SBA 504 loan from Old National Bank and Indiana Statewide CDC
Bouncing up and down is a good thing for Bloomington's children at Jump-N-Joey's, recently opened at 108 North Curry Pike.
"Jump-N-Joey's is an indoor fun center with giant slides, jumpers and obstacle courses," says Chance Jeffress, manager of Jump-N-Joey's. "Our slogan is ‘let your kids bounce off our walls, not yours.' We are also proud to offer a toddler area with soft blocks and playhouses," he says.
One of the U.S. Small Business Administration's most popular business loan programs assisted in the opening of Jump-N-Joey's. Old National Bank and the Indiana Statewide Certified Development Corporation provided the ownership team with a loan from the SBA 504 program.
Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses. Small business owners receiving SBA 504 loans can get long-term, fixed rate financing similar to commercial loan terms available for large companies.
Scott Dyer, who owns Jump-N-Joey's with Shane Stremming and Tammy Jeffress, says, "We love the rates. The 504 program is a good way to get a good rate for a fixed period, and that helps our planning."
Ken Richey of Old National Bank says, "The owners have a good business plan. The 504 loan is helping the owners fund their plan while retaining enough cash to run the business."
Since Congress created the 504 program in 1986, 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.
Executive Director Jean Wojtowicz says that the Indiana Statewide CDC has invested over $400 million in more than 1,000 Indiana companies since 1983, creating or saving 26,500 jobs. Indiana Statewide CDC is the leading SBA 504 lender in Indiana.
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 that are more favorable than conventional financing."
The website for Jump-N-Joey's describes it as "Nearly 14,000 square feet of adrenaline-pumping fun." Jump-N-Joey's features inflated slides, bouncers, an obstacle course and a toddler area. Play is supervised and parents or adults accompanying children are admitted free. Admission is $8 per child.