TSW Utility Solutions buys larger HQ with SBA 504 loan from Centier Bank and Indiana Statewide CDC

Rapidly growing TSW Utility Solutions, Inc. replaces underground water mains at large municipal and commercial locations. The company bought and moved into a building southwest of downtown Indianapolis (3120 W. Morris St.) that triples its warehouse and office space. TSW Founders Jess Testerman and Terry Shirrell arranged financing for their company's move with Centier Bank and Indiana Statewide Certified Development Corporation. They provided a loan from the U.S. Small Business Administration 504 program. Indiana Statewide CDC works with local banks to fund Hoosier small business using SBA 504 loans to buy fixed assets such as real estate and equipment. 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." Testerman says, "The fixed loan rates were a big driver for us. The loan is helping us by giving us more space to stock more equipment and inventory — thus providing better, more efficient solutions for our clients." TSW Utility Solutions' major clients include: Citizens Energy in Indianapolis; the cities of Carmel and Fort Wayne, Indiana; American Water Company, and large contractors. TSW has about 35 employees. Testerman says it hopes to add about five more by the end of this year. Centier Bank's Tim Turner says; "This high growth company operates in the construction industry where working capital is a key to success. So the SBA 504 program was a perfect fit. The company was able to retain liquidity to fund future growth while taking advantage of long-term fixed rate financing." 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. Centier Bank has 55 banking locations in 12 counties across Indiana. Founded in 1895 in Whiting, Indiana, Centier Bank is the largest, private, family-owned bank in Indiana and remains committed to being owned and operated by the Schrage family for generations to come. TSW Utility Solutions is experienced in the following services; Water main line and service line installation and maintenance, horizontal directional drilling, chilled water line installation, gravity sewer installation, LPS and force sewer installation, hydro-excavation, pipe bursting, design consultation, lead detection and fire hydrant testing and repair.