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News
Hoosier Equipment's new HQ financed with SBA 504 loan from
State Bank of Lizton and Indiana Statewide CDC
Hoosier Equipment Service, a home-grown environmental construction company, will celebrate its 40th anniversary next year in a new building in Camby. The company just completed its move after being located in Plainfield for several years.

Owner Heidi Brumback bought an office and warehouse building for Hoosier Equipment that brings the company's 16 employees under one roof for the first time and allows storage for their large trucks and equipment. Hoosier Equipment financed the purchase with a loan from the U.S. Small Business Administration 504 loan program from the State Bank of Lizton and Indiana Statewide Certified Development Corporation.

Indiana Statewide CDC works with local banks to provide financing from the SBA 504 loan program to small business owners. The SBA guarantees bonds sold privately to finance a portion of its 504 loans.

Brumback says, "The SBA 504 loan was attractive to me given the fixed rate and lower down payment versus traditional financing alone. With less of a down payment, we are able to minimize the impact to cash flow and retain money to fund our on-going projects."

Cathy Adams of the State Bank of Lizton says, "The 504 program provides another avenue for us to assist borrowers who are looking to expand their business or purchase a new facility. It's a great program."

Brumback's father started Hoosier Equipment Service in 1978 and was joined by two of his brothers, Ralph and Charlie Farmer. Heidi Brumback joined the business in 2002 and became a partial owner in 2005. Heidi and her uncle, Ralph Farmer, remained partners up until he passed away in 2013. Hoosier Equipment's clients are environmental engineering and consulting firms, petroleum companies, general contractors, business owners and various government entities. The company's general services include soil and groundwater remediation (field) activities, removing underground storage tanks, and installation of new fuel systems, oil water separator systems and other tank systems.

Background:
Indiana Statewide CDC has provided more than $500 million to 1,200 Indiana companies since 1983, creating or saving more than 15,000 jobs, and is the most prolific CDC in Indiana.

Indiana Statewide CDC Executive Director Jean Wojtowicz says, "SBA 504 loans help small businesses grow because borrowers may put as little as 10 percent down and receive a low, fixed interest rate for as long as 20 years."

Nationally, since Congress created the 504 program, SBA 504 loans have funded over $72 billion to more than 140,000 small businesses in the U.S. for projects totaling in excess of $180 billion.

State Bank of Lizton (www.statebankoflizton.com) is an independently owned and operated community bank with 11 full service locations throughout Hendricks and Boone Counties. State Bank of Lizton offers a full array of personal and business banking services including SBA loans as a preferred SBA Lender. Hoosier Equipment (www.hoosierequipment.com) is now located at 8966 Union Mills Drive, Camby. Services include; environmental construction and remediation, industrial services such as above-and-below-ground tank installation and removal, and waste water system installations.



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