For the owner of Home Furnishing Market in Phoenixville, PA, using an SBA 504 loan to purchase a showroom meant far more than having a beautiful, new commercial space.
“This was the opportunity I had to be able to own this building – and also to create an opportunity for the next generation of my family to own the business,” said Mike Holmes. Watch the video here.
Mike started working in the furniture business about 30 years ago, and at one point he rented the space he now owns, on 751 Pike Springs Road across from Kimberton Fairgrounds. When he recently heard that the 31,500-square-foot building was up for sale, and the building’s owner had previously worked with Seedcopa, Mike turned to Seedcopa as well.
“You typically need to put about 20% down on a commercial loan, but that just wasn’t feasible for me,” said Mike. “Working with Seedcopa, I was able to come up with the required 10% in equity for an SBA 504 loan. The SBA and the bank backed the remainder of the loan.”
Mike was able to attain the loan with interest rates below 3%. And now that Home Furnishing Market has a permanent home and room to grow, Mike’s son continues in the family-run business and so do local employees who have been with the business for more than a decade. In addition to general retail, the company also offers design services and custom furniture for customers in the greater Philadelphia area.
“The future is looking brighter, and we’re looking forward to being in business with the next generation for a very long time,” Mike said.