Auxin Solar, a leading manufacturer of U.S.-made solar panels, solar mounting racks, and solar energy-producing systems, now has room to grow, thanks in part to a $10,206,540 million SBA 504 loan from Capital Access Group. The 504 loan helped Auxin Solar, Inc. to purchase a 99,576 sq. ft. building located at 6835 Via Del Oro, San Jose, CA.
“We were leasing a 27,000 sq. ft. facility, but the business is growing very rapidly, and we recognized that a year down the road we would need a larger facility,” said Mamun Rashid, co-founder, Auxin Solar. “Owning the building allows us to make infrastructure improvements, plus we are now free to install our own solar system technology to power ourselves. The building will also allow for expansion without having to relocate. Essentially the facility allows us room to grow for the future.”
Auxin currently has 90 employees with expansion plans that will support the creation of approximately 40 new jobs at the new facility.
“Auxin Solar is such an exciting business, and we are proud to partner with them to provide 504 financing that will facilitate the creation of dozens of new jobs,” said Cara Rudy, Vice President, Capital Access Group. “Owning the building instead of leasing will help the company control costs because they don’t have to worry about lease expenses going up, plus they can make significant infrastructure investments that wouldn’t have been possible in a lease situation.”
“Cara (Rudy) from Capital Access Group worked with us every step of the way,” said Sherry Tai, co-founder, Auxin Solar. “There is a lot of paperwork, and it’s intimidating for a company like ours in the early stages of growth, but Cara held our hand through the whole thing.”
“The SBA 504 program is a great example of a government program that works. It goes directly to the bottom line, and it creates jobs,” said Tai.
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