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Turning Lease Payments into Mortgage Payments

KJ Lilly Fasteners staff
Photo courtesy Kenneth G. Lilly Fasteners

Since Seedcopa expanded into Delaware a few years ago with our SeedcoDE office in Wilmington, we have been privileged to get to know quite a few growing businesses in the First State. One of our favorite companies to assist with an SBA 504 loan: Kenneth G. Lilly Fasteners in Newark. The 60-year-old company changed ownership in 2021 when former U.S. Army Ranger and current President and CEO Jake Weston took the helm.

“KG Lilly is an industrial fasteners distribution company that already had strong cash flow, but we knew we could unlock significant value by modernizing its operations,” said Weston.

A big part of that transformation: Purchasing the building that Kenneth G. Lilly Fasteners has occupied under a lease agreement for more than 40 years.

Partnering with WSFS Bank,  Seedcopa + SeedcoDE was able to facilitate a SBA 504 loan that enabled Kenneth G. Lilly Fasteners to purchase its 45,000-square-foot warehouse on five acres at 855 Dawson Drive in Newark and make upgrades for additional offices and racks to increase capacity.

“Our core customers are in the petro-chemical, energy, marine and manufacturing spaces. Many of them provide the infrastructure that’s integral to the American way of life. We play a key role in their supply chain, providing mission critical components at a moment’s notice,” said Weston. “By working with WSFS and SeedcoDE to purchase commercial property, we were able to streamline our operating costs and provide a permanent home for the company.”

 

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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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