Randy Mumm is the owner of five Scooter’s Coffees located throughout Iowa. Mumm, in partnership with Jesse Gleason, Business Development Officer at Farmers State Bank, embarked on a new project in Onalaska, WI – involving the purchase of land and the construction of a building. The project, expected to create 17 jobs, exemplifies the positive impact the SBA 504 program can have on local employment and entrepreneurship.
In Waterford, WI, Bill Kulesa, an experienced Dairy Queen operator (Stillwater, MN) and former Dairy Queen corporate employee, seized an opportunity to expand his successful business. Kulesa partnered with Community State Bank to purchase and construct a new Dairy Queen, aligning with the Village of Waterford’s strategic plan for commercial development. A key driver to this project was the refinance of Kulesa’s existing restaurant which allowed him to utilize equity in that real estate and expand to an additional location without additional cash equity. This project demonstrates the SBA 504 program’s ability to support local economic goals while allowing borrowers to preserve working capital, even across state lines.
“I truly believe this project has been successful because working with both Community State Bank and BLP has been easy,” said Kulesa. “We’re excited to be part of the Waterford community and we could not have done this without the SBA 504 program.”
Ashish and Ambreen Merchant, owners of Culver’s of Pleasant Prairie, are leveraging the SBA 504 program to enhance their growing restaurant portfolio. The Merchants, who also own Culver’s locations in Gurnee and Bartlett, IL, consulted with Bank Five Nine, their trusted financial institution, to purchase their third location. This project not only creates five jobs but also assists a minority-owned business, a priority for BLP and the SBA.
“We absolutely love the way the SBA 504 works and we’ve certainly felt the benefits of its structure,” said Ashish. “Because of the 504, our family continues to expand operations safely, diligently – and we’re excited to start our next one in Paddock Lake.”
Brian and Stephanie Matzke, the new owners of Schlotsky’s Deli in Green Bay and Appleton, teamed up with Garrett Jesko, Vice President of Commercial Banking at Bank of Luxemburg, to acquire these established locations. The Matzkes combined the SBA 504 and 7(a) programs to complete the multi-location purchase, highlighting the versatility of SBA lending options in facilitating business expansion and job creation.
“The beauty of the program is that it’s tied to development and creates opportunities for these business owners who otherwise wouldn’t have them,” said Jesko. “I am excited to follow the Matzke’s successes and also looking forward to our next project with the team at BLP.”
BLP is the finance team for the Racine County Economic Development Corporation (RCEDC). Every project must be evaluated and reflect an element of community development.
“Business Lending Partners is proud to have supported these four franchises in their growth endeavors through the SBA 504 loan program,” said Wesley Walsh, Loan Officer at BLP. “By partnering with local lending institutions and working closely with franchise owners, we are able to contribute to the economic vitality of Wisconsin while fostering entrepreneurship and job opportunities.”
BLP, with offices in Racine and Green Bay, is licensed to serve businesses and collaborate with banks throughout Wisconsin. Its commitment to supporting small businesses and enabling franchise growth has made it a trusted partner for entrepreneurs seeking to leverage the benefits of SBA lending programs.
Learn more about the SBA 504 loan program by visiting blp504.org/sba-loans.
FINANCIAL UPDATES DELIVERED RIGHT TO YOUR INBOX