Capital Access Group was thrilled to arrange $1.683 million in total project financing for Environmental Remedies, Inc. (ERI), to purchase a 14,492 sq. ft. building located at 1999 Alpine Way, Hayward, CA. This was ERI’s second SBA 504 loan through Capital Access Group.
ERI is a family-owned and operated, asbestos, lead, and mold abatement contractor that serves residential and commercial clients throughout Northern California. The new building, twice the size of their current facility, will stabilize the company’s occupancy costs and give it the room it needs to expand and function more efficiently.
“We purchased our current facility through the SBA 504 program in 2012,” said Scott Tamayo, President, ERI. “We refinanced the building last year and used the 504 program again to purchase the new building in Hayward.”
“The biggest benefit in deciding to go with the 504 loan as opposed to a conventional loan was the lower upfront costs,” said Tamayo. “For a small business like us, being able to put down 10% as opposed to at least 20% for a conventional loan – that’s a big chunk of change. It impacts cash flow and our ability to grow and hire new people.”
“Another factor in our decision-making process was the support we received from Capital Access Group,” said Tamayo.
“We were so pleased to help Scott and the team at ERI with their second 504 loan,” said Claudia Cohen, Senior Vice President, Capital Access Group. “It’s always rewarding to help a family-owned business and to support ERI’s continued growth. The SBA 504 program is ideal for small businesses like ERI that want to grow while preserving cash working capital.”
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