Academy of Beauty Professionals expands using SBA 504 to purchase Appleton facility
David Kwitek, owner of the Academy of Beauty Professionals, recently used the Small Business Administration (SBA) 504 loan program to purchase a previously leased building in Appleton, WI. The company also operates from leased facilities in Green Bay and Madison, WI.
Kwitek’s family has been involved in the cosmetology industry for over 80 years (since the 1930’s), and the education industry for the past 52 years, however, it wasn’t until 2015 that Kwitek formed The Academy of Beauty Professionals (also known as “The Academy”).
In 2021, Kwitek expanded operations by opening a fourth location in Raymore, MO.
“Our successes are a direct result of the hard work spanning three generations of my family,” said Kwitek. “With the help of the SBA 504 loan program, we are excited to begin this new chapter in our ongoing story at The Academy.”
In partnership with Business Lending Partners (BLP) and Oostburg State Bank, Kwitek secured financing for the project with only 10% down payment, while the SBA provided 40% and Oostburg State Bank provided the remaining 50%. BLP staff underwrote and secured the SBA 504 financing for the project.
David La Duke, Vice President of Business Banking at Oostburg State Bank and BLP’s 2020 Lender of the Year, said the project would not have been possible without the cooperation and collaboration of so many people.
“A dynamic project like this requires a lot of diligence and participation from the SBA and BLP, the bank, and the borrower,” said La Duke. “I’m glad to see David [Kwitek] move this forward and I can’t wait to see The Academy really take off in the coming years.”
The Academy is a cosmetology school that focuses on four fundamental programs: cosmetology, barbering, esthetician, and nail technician. Currently, the school has a total of 135 students across all four locations. Each school has the capacity to host up to 80 students, or a total of 320 students.
“The combination of historic industry experience and a healthy financial situation made this project an easy decision for our loan committee and I’m sure for the SBA,” said Wesley Walsh, Loan Officer at Business Lending Partners. “Huge thanks to Oostburg State Bank and for the Kwitek family for trusting BLP with their financing needs.”
BLP, with offices in Racine and Green Bay, has been a certified development company through the SBA since 1985 and is able to provide the SBA 504 program throughout Wisconsin.
Learn more about the SBA 504 loan program by visiting blp504.org/sba-loans.
