Harrisburg, Pa. (February 8)– The Harrisburg Regional Chamber & CREDC today announced the closing of an SBA 504 Loan for Karns Performance to purchase, 5203 E Trindle Road, Mechanicsburg, PA 17050 in Hampden Township, Cumberland County. Karns Performance had rented the building since December 2010.
“When this building was being sold, we knew we wanted to take advantage of the opportunity to purchase it,” said Dan Karns, owner of Karns Performance. “By owning this building, we are able to keep control of our expenses and stay in the location that our customers have grown to know us in.”
Karns performance, a sports bike shop that specializes in engine building and dyno services, was established in January 2000 by brothers, Dan and Jason Karns.
“Through this loan, we can give Karns Performance a sense of stability and security by owning their own building,” said Melissa Stone, Vice President of Economic Development. “This project was completed with the help of M&T Bank. Our thanks go to Angela Tatum, Karns Performance’s loan officer, who introduced the business to this creative financing structure and fostered its use for their benefit.”
The SBA 504 of $273,000 took 2nd mortgage position behind M&T Bank’s first mortgage of $331,425. The Borrower’s equity requirements were only 10% of the total project. CREDC works with SeedCo PA to deliver personalized attention and service to our region’s businesses when accessing the SBA 504 loan program. SeedCo PA is a CDC (Certified Development Company) audited regularly to maintain their certification to do SBA 504 loans and is regularly recognized as a top SBA 504 lender in our area.
The SBA 504 Loan Program provides long-term, fixed-rate financing of up to $5 million to eligible and qualified small businesses for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate non-profits and promote economic development within their communities. CDCs are certified and regulated by SBA.
For interest in applying for a CDC/504 Loan or for more information visit www.harrisburgregionalchamber.org.
The Capital Region Economic Development Corporation, CREDC, is certified by Pennsylvania’s Department of Community and Economic Development to promote and perform economic development activities in Cumberland, Dauphin, and Perry Counties. CREDC is the region’s certified lender for Pennsylvania’s programs including the PIDA program and a local packager for the SBA 504 program. The group offers a variety of programs and resources to help attract, retain and expand business in the region. For more information on business lending programs, please contact Charles Underwood by email at charles.underwood@hbgrc.org or by phone at 717-213-5036.
Contact:
Tyler Schwind
Communications Director
Harrisburg Regional Chamber and CREDC
717-329-3114
tschwind@hbgrc.org
###
