Small business loans administered by the Midwest Small Business Finance recently provided a key boost for a local company expansion.
Hunt’s Car Care recently expanded to a third Clay County location using its own funds, traditional loans and Small Business Administration 504 loans. Owner Russell Hunt said the low-interest 504 program is a big help for small businesses who need to maximize their funds.
“It really helps on interest rates,” Hunt explained. “There’s no doubt about that. You can save some money to use as working capital, which is always important.” Hunt’s other locations are in Gladstone and Liberty.
Used in conjunction with financing from a bank, low-interest 504 loans are designed for building acquisition, construction, renovation or other capital outlays such as equipment purchases. Using traditional loans for 50 percent of the project cost, the CPDC typically provides 40 percent of the project and the borrower needs to inject only 10 percent of the project cost.
The 504 and Revolving Fund loans support business growth, including the creation and retention of jobs for projects in Clay and Platte counties, and elsewhere in northwest Missouri. Additional information is available by calling (816) 468-4989.