Mount Pleasant, WI — Following nearly 10 years of building clientele, advancing the practice, and leasing space, Dr. Sally Brown and her daughter, Dr. Tera Pfarr, purchased a 6,000-sf building to expand the business operations of Brown Family Chiropractic in the Village of Mount Pleasant.
Utilizing the Small Business Administration (SBA) 504 loan program, the mother-daughter owners partnered with Town Bank to finance the purchase of the land and the building as well as renovations to their new property at 6420 Bankers Road. Business Lending Partners (BLP), the financial team at the Racine County Economic Development Corporation (RCEDC), administered the loan.
Josh Sopczak – Vice President of Business Banking at Town Bank, part of Wintrust Community Bank – said, “The 504 program allows us to take a chance on businesses that we believe in and that we believe are going to create an impact in the community.”
Understanding the need to retain cash for ongoing business expenses, Sopczak recognized the value the 504 program would provide Dr. Brown and Dr. Pfarr. The successful purchase of the new building created more space for their individual practices, a larger reception area, and they could sublease space for philosophically aligned providers such as nutritional coaching, massage therapy, acupuncture, holistic medicine, and thermography.
“We offer not only pain relief, but we offer a means to a healthier lifestyle,” said Dr. Brown.
The SBA 504 program serves as a tool for lenders to meet the needs of growing small businesses. Each project is funded at 50% from the borrower’s bank, 40% from the SBA and only 10% down payment.
“If I had to use one word, I would just say – easy,” said Dr. Brown. “The communication between all those organizations and our banker to us was phenomenal. It was the team-effort and just knowing there was somebody that had your back through the whole process.”
Small businesses and commercial lenders interested in the SBA 504 should contact BLP’s Loan Officer, Wesley Walsh at firstname.lastname@example.org or (262) 898-7436.