RCI would like to congratulate its current and past clients/graduates on making the 2011 Tech 50 Awards:
Vivisimo, Inc.
Bossa Nova Robotics, Inc.
Thorley Industries(Henry Thorne) DBA 4moms
Cohere Medical, Inc.
CEO/ Patrick Daly, Cohera Medical, Inc.
Congratulations on being Pittsburgh's region's fast-growing technology industry and professionals.
Did you know that the SBA 504 Loan Program Can be used for Equipment Financing?
Many of you are aware that the SBA 504 Loan Program is a great solution for owner-occupied real estate acquisition, renovation or ground-up construction, but did you know that 504 can also be used for major equipment purchases? Many local economists have recognized an upturn in manufacturing in our region, and numerous companies are beginning to consider capital expenditures for the first time in several years. What could be better for your Bank than a 50% loan-to-value on equipment term loans? Using SBA 504 in equipment transactions is also a winning proposition for your borrower, since current ten-year debentures have an effective rate of only 4.5%!! With rates and terms like these, why would a borrower consider leasing options?
These rates are fantastic! July 2011 Rates are 5.59% FIXED for 20 years! Ten Year Rates are 4.50% FIXED!
BORROWER SPOTLIGHT: Wismarq Valencia, LLC
Wismarq Corporation was established in 1982 by a husband and wife team, Charles and Jan Terrizzi. With corporate offices based in Wisconsin, Wismarq provides “toll coating” for steel and aluminum coils, which is one of the most efficient methods of painting metal. It not only provides faster turn-around time and less waste, it is also much better for the environment than traditional painting methods. In 2010, the Terrizzi’s were approached by Ply Gem Industries, who had an interest in selling its coil coating division which was based in Valencia, PA. The purchase included toll coating equipment which would permit Wismarq to broaden its customer base by allowing the company to handle larger-sized metal coils, a service that had formerly been outsourced. The company approached Associated Bank and RDFC for an SBA 504 loan to purchase the equipment. Not only did the transaction qualify under the Public Policy Goal of Rural Development, the company was able to retain 25 current employees, and they anticipate adding 50 more jobs within the next few years. Many thanks to Wismarq and Associated Bank for their contribution to the economic success of our region!!
About Regional Development Funding Corporation—a lender’s best partner for small business financing.
Established in 1978, we are the most experienced Certified Development Company in Western Pennsylvania. Our goal is simple—to assist our borrowers and banking partners by creating competitive financing structures which will ultimately spur economic development in our region.
If you would like to discuss a specific project, or if you simply would like to hear more about our loan products, please contact us at (412) 471-1030 and ask for Nathan Nyland at ext. 102 or Rebecca MacBlane at ext. 101.
I love to see the starry flag
That floats above my head.
I love to see its waving folds
With stripes of white and red.
“Be brave,” say the red stripes.
“Be pure,” say the white.
“Be true,” say the bright stars.
“And stand for the right.”
Author Unknown
