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|Cantwell's Marathon opens in Vincennes with financing from SBA, German American Bank and Indiana Statewide CDC
After decades of working in the Vincennes area, Charles Cantwell is putting his name on a business. Cantwell's Marathon gas station and convenience store is open near U.S. 41 in Vincennes.
Charles his wife, Cheryl, carefully planned for opening day, which occurred recently. They secured financing from German American Bank and the Indiana Statewide Certified Development Corporation. The bank and CDC provided a loan from the U.S. Small Business Administration 504 program for expanding small businesses.
Indiana Statewide CDC works with local lenders to provide SBA 504 loans. Congress created the SBA 504 program to help small businesses gain favorable financing terms and retain operating cash while expanding. Indiana Statewide CDC is the leading SBA 504 lender in Indiana.
Executive Director Jean Wojtowicz says that the Indiana Statewide CDC has provided more than $395 million to 917 Indiana companies, creating 26,500 jobs, since 1983.
Cantwell says, "We are pleased with the financing package. Getting a low rate fixed for a long term is a tremendous help simply because we can apply more of our money to running the business rather than being saddled with high payments."
Greg Cardinal of German American Bank says, "The SBA 504 program is designed for people such as the Cantwells. German American is a frequent 504 lender because we see the value these loans create in the community."
Cantwell's Marathon will be open 24 hours a day, requiring a staff of about 20 people for customer service and maintenance. The Cantwell's son, Dane, is managing the new store. But Charles will be on hand as well. Many people in Vincennes know Charles Cantwell for his 42 years in the area workforce.
"I'll see a lot of familiar faces at Cantwell's Marathon," he says. "We are looking forward to seeing everyone."