One young entrepreneur using a hand painted sign and a lawn mower in 1986 began his business which he has sweat over, guided, expanded over the past 32 years.
DelleChiaie Landscaping has been providing residential lawn maintenance services to the surrounding area east of his home based business at 36-40 Lanides Lane in Leominster, MA.
In 2011, with the help of Leominster Credit Union (LCU) and the WBDC, a creative financing package was developed for Robert DelleChiaie to purchase and renovate a commercial building in Leominster.
Mr. DelleChiaie’s vision and need to expand his growing fleet of equipment and business led him to the building in Leominsterwhere he could invest 10% of the building and renovations’ price with loan financing of 50% from LCU and 40% with an SBA 504 Loan from the WBDC.
The advantage of the WBDC’s SBA 504 Loan with a fixed term of 20 years allows the Bank to participate in a commercial loan that would not have been allowed conventionally. This opens up the opportunities for small business owners to get 90% loan financing for commercial real estate and/or equipment.
Our recent tour with Mr. DelleChiaie highlighted the upgraded exterior of the building, added energy efficient electric and gas heating which resulted in lower overhead costs. This has also attracted a small manufacturing business to rent a portion of his existing building.
Before we left, Mr. DelleChiaie was loading his flatbed truck for the day of lawn service to his loyal clientele in surrounding neighborhoods with his trusty companion, Fescue by his side and commented, “Working with the WBDC was informative and they explained the process clearly & very straight forward. This was important to me since I was a first time commercial buyer.”
The WBDC is looking to provide 25, 20 & 10-year fixed term SBA 504 Loans to qualified small businesses in the Worcester County area. You could be the next small business to expand with an SBA 504 Loan. Please contact the WBDC Lending Team at 508-755-5734 for more information.