Universal Herbs (www.herbspro.com), an online seller of vitamins, herbal supplements, and natural cosmetics, was recognized recently by Inc. Magazine as one of the fastest growing internet retail companies. But the company’s growth was inhibited due to lack of space for inventory. And because Universal Herbs was still leasing space, they lacked flexibility to make changes necessary to increase productivity.
Everything changed when Capital Access Group helped the business secure $893,625 in total project financing to purchase a 6,353 square foot building located at 1817 Addison Way, Hayward, CA. Capital Access Group financed $369,000 and Citibank provided $447,000 for the project.
“We now own the building. That’s a big change for us,” said Tanu Bhattacharya, Director for Marketing and Operations, Universal Herbs. “We can have it designed in a way that creates efficiencies for the business.”
“We also benefit from the 504 program’s terms and low down payment. It gives me peace of mind,” said Bhattacharya. “The low down payment preserves funds to develop our team, invest in technology, and stock up on inventory.”
“It’s such a joy to help a growing business like Universal Herbs purchase their first building,” said Jacklyn Jordan, President and CEO of Capital Access Group. “Building ownership will stabilize their costs, protect the business from rent increases, and make it easier for Universal Herbs to maximize efficiency and make long-term investments in their fast-growing business.”