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Allentown Franchisee Buys Commercial Property

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They’re called “The Brothers That Just Do Gutters.” But now they do SBA 504 loans too.

The gutter cleaning, repair and replacement service is based in the Lehigh Valley and recently franchisee Jimmy Olang closed on an SBA 504 loan facilitated by Seedcopa and Harleysville Bank.

“As a franchisee, you’re always looking for ways to build value,” said Olang. “Being able to secure the financing to purchase our property, instead of continuing to lease a smaller space, puts more money toward growth and profits instead of expenditures.”

Seedcopa was there at the grand opening of the newly purchased building on 1302 North 18th Street in Allentown, Lehigh County. Olang was joined by his wife Jessi and franchisors Ken and Ryan Parsons (the actual “brothers” behind the brand’s distinctive name).

Olang’s franchise with The Brothers That Just Do Gutters began in 2015. In the last five years, the franchise has experienced strong revenue growth, increased employment from 11 to 19 people, and created an additional six jobs with this project.

The SBA 504 loan is part of a government small business program that offers a fixed interest rate and long-term financing. These loans are great for applicants whose business models benefit their community directly, either by providing jobs or bringing needed services to an underserved area. For many small businesses, it provides access to capital that may not be accessible through traditional loans.

  • Interest rates are fixed for the life of the loan. The term and rate of the loan is either 10, 20 or 25 years.
  • Total projects can be over $12 million and even larger for manufacturers.
  • The SBA 504 loan requires equity from the borrower that can be as little as 10 percent.
  • Depending on the appraised value, no further collateral beyond the subject property or equipment is required.
  • Many fees and costs can be wrapped into the total project.

Additional SBA 504 Resources:

 

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For almost forty years, Seedcopa + SeedcoDE has helped businesses get the money they need to start, grow and expand. We are proud that the loan programs we work with promote economic development.

Together with economic development partners throughout Pennsylvania and Delaware, we help to grow local businesses, create and retain jobs and stimulate local communities.

Our team has over 75 years of combined government lending experience and a dedication to excellent customer service. After our initial assessment of your project, our commitment is to get you approved and closed.

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