Strong Partnership Expedites Expansion Loan for Beyond Reality Plumbing
WATERFORD, WI – When financial assistance was needed to support a local business expansion, RCEDC’s finance division, Business Lending Partners (BLP), along with Community State Bank were eager to meet the need.
Richard and Erin Paap’s business, Beyond Reality Plumbing, was established in 2008 and for many years successfully operated from the owners’ garage in Franksville, Wis. The company built its business by working on new construction developments, commercial, multi-family and residential projects.
When Beyond Reality Plumbing decided to purchase a building in Waterford, BLP and Community State Bank moved quickly to ensure the business loan was completed in just 21 days.
According to BLP’s business finance manager, Carolyn Engel, “It’s gratifying to be part of such a strong partnership, and the fact that it only took 21 days to complete shows how dedicated each party was to this project.”
The new building is located at 822 Bakke Ave., Waterford, Wis. and consists of 6,000 square feet with ample parking and outside storage. As part of the expansion, Richard and Erin plan to build a 1,200 square foot Kohler showroom.
The overall project was funded with 30% of dollars from RCEDC’s finance division, BLP, 60% from Community State Bank, and only 10% equity was required from the borrower.
“The Revolving Loan Fund is an excellent product for strong borrowers who want to keep a little extra operating capital in their account,” said Nicholas Borth, Business Banking Officer at Community State Bank. “The fee structure is favorable, making it a perfect fit for small- to mid-size real estate purchases.”
“We are proud to welcome Richard and Erin to Waterford, and we look forward to the continued growth of their business,” said Don Houston, President of the Village of Waterford. “Anytime financial partners like BLP and Community State Bank come together and quickly provide resources to businesses in need, it highlights the desire for positive growth in this region.”
Business Lending Partners (BLP) is a U.S. Small Business Administration (SBA) Certified Development Company (CDC) specializing in processing and servicing SBA 504 loans throughout the State of Wisconsin. BLP has been certified since 1985 and currently has two Wisconsin headquarters, one in Racine and one in Green Bay.
As a division of the Racine County Economic Development Corporation (RCEDC), BLP has knowledge and access to local, State and Federal partners to successfully assist in completing a variety of projects.
For more information about this project and how your company may be eligible for similar incentive programs, contact Carolyn Engel at 262-898-7420 or visit blp504.org.