Monday, November 07, 2016

In addition to its economic development services, Lake County Partners is also certified by the U. S. Small Business Administration as lender through its 504 Loan Program. So far this year, six businesses have received 504 financing through LCP:

  • McNelly Services purchased and renovated a new 10,105 s.f. location in Lake Zurich. The company employs 35 and expects to add seven employees. ¬†Mundelein Bank participated in financing this project.

  • Midwest Motors, owned by Ben Ripstein, recently received approval for a 504 loan to purchase and renovate a building in Lake Zurich for its niche car sales and detailing business. The company's bank, Wauconda Community Bank, is participating in this financing.

  • James Anderson Company, an engineering / surveying / construction business, received an SBA 504 loan to refinance the company's existing building in Lake Bluff. Johnson Bank participated in this financing.

  • Sheet Metal Supply, Ltd purchased and renovated a building in Mundelein, expanding from 12,000 s.f. to¬†28,000 s.f. The company now employs 10 people, and expects to add five new employees over the next few years. Libertyville Bank & Trust participated in financing this project.

  • Oak View Pet Resort in Wauconda received 504 financing for a second location in Lake Zurich. Wauconda Community Bank participated in financing this project.

  • Bark Avenue Daycamp in Bartlett received approval for 504 financing to purchase the condominium units it had been leasing. The company currently has 12 employees and expects to add six new people. American Chartered Bank participated in financing this project.