The Harrisburg Regional Chamber & CREDC has assisted Plouse Precision Manufacturing to refinance and restructure debt into advantageous terms using the SBA 504 refinancing program. The 62-year-old manufacturing company will reap the benefits of low fixed interest rates for 25 years as well as taking cash out of equity in its property to reinvest in the company’s growth and stability. The project closed on October, 31, 2019 after approval by SBA in August 2019.
“The SBA 504 Loan program is a powerful economic development loan program that offers small businesses another avenue for financing, while promoting business growth and job creation,” explains Melissa Stone, VP of Economic Development at the Chamber & CREDC. “Manufacturing is a vital economic engine in our region, and we’re proud to support that growth through loan programs such as SBA 504 and PIDA.”
Plouse Precision Manufacturing was founded in 1957 and is a contract manufacturer providing custom parts and assemblies to OEMs worldwide.
“CREDC helped us navigate through the loan application process step-by-step. They helped us overcome several hurdles that cropped up during the application process,” explained Dale Seitz, President of Plouse Precision Manufacturing. “The loan unlocked equity we had in assets and gave us operating capital that we desperately needed. The people understood the application process and were dedicated to helping us see that process through to the end.”
The SBA 504 Refinancing Program was made permanent in 2016 to help eligible small business owners take advantage of long-term fixed interest rates from adjustable rate loans to provide for significant savings to borrowers.
To be eligible for the 504 Refinancing Program, the debt to be refinanced must be at least two years old and the borrower must be current on all payments for at least the last twelve months.
Total Project Cost: $6,400,000
SBA Loan Total: $1,936,000
Rate: Current SBA 504 rates have reached an all-time low in 2019 at less than 4%
Partner Bank: Members 1st Federal Credit Union
Location: 401 Aviation Way, Highspire, Dauphin County, PA
ABOUT HARRISBURG REGIONAL CHAMBER & CREDC
Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties through bold leadership, visionary members and powerful results. The organization provides a unique blend of business, community/economic development and advocacy services under one roof to boost the economic vitality and livability across our region. The Chamber & CREDC has been accredited with five stars from the United States Chamber of Commerce—a distinction achieved by less than 2 percent of chambers across the nation.