Quarterly Newsletter, Issue 16, March 2017
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- Lesley Greer
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1 An SBA 504 loan is a partnership between a Certified Development Company (CDC), the Small Business Administration and a lender. CDCs are economic development organizations that have been certified by the SBA to make loans under the Certified Development Company Economic Development Loan Program through an SBA 504 loan. Working with a lender, the CDC provides up to 40% of the financing for commercial real estate purchase and new construction with an SBA 504 loan. A lender must partner with the CDC and typically provides 50% of the financing, while the entrepreneur ends up paying as little as 10% down. The CDC works closely with the small business borrower to process, approve, close and service the SBA 504 loan. Funding is provided by the CDC issuing a 10 or 20 year debenture bond that is sold to investors on Wall Street giving entrepreneurs access to capital at low, fixed interest rates. Advantages of SBA 504 Financing The SBA 504 program offers many advantages for business owners. Perhaps the most immediate are low down payments and lower interest rates. With a minimum of 10% down, a borrower can get the financing they need to purchase or construct a new facility or buy long-term equipment. Banks won t carry the risk of the entire loan just 50% as the first trust deed lender. The SBA 504 program funds 40% of the project cost (with the second deed of trust at below-market fixed interest rate). Down payment as low as 10% -preserves working capital Fully amortizing SBA 504 loan with below-market fixed interest rate reduces overall financing cost Bank interest rate on first can be lower than conventional financing due to reduced risk Ability to include tenant improvement costs in amount financed Key Benefits of Owning Commercial/Industrial Real Estate: Fixed occupancy costs Control over operating location Tax advantages for business owners Opportunity for equity appreciation First Choice Health Insurance, Inc. Roseburg, Oregon February 2017 Rate 4.60% Effective rate includes principal & interest, program fees, and loan loss subsidy. CCD Business Development Corporation would like you to choose us as your Certified Development Company! Certified Development Companies: Growing Small Businesses, Jobs, Communities BROKERS: As a commercial real estate broker, mortgage broker or CPA, finding the right financing partner for your client is critical. You want a trusted ally with a proven track record. For over 35 years, CCD Business Development Corporation has been the team that delivers. We work closely with all of the private lenders in the market and our professional staff is committed to doing things right the first time so you can close transactions quickly and as smoothly as possible. Find out how CCD s SBA 504 Loan Program can help. Contact us at (541)
2 U.S. Economic Development Administration Value Proposition Statement 1. EDA Makes It Easier for Businesses to Start and Grow in the U.S. - EDA s investments in planning, technical assistance, infrastructure and capacity building support business start-up and expansion to enable towns and cities all across the country to build strong, durable and resilient local economies that produce good wages for American workers. 2. EDA Matching Grants Start with Local Business Conditions and Needs Not Washington s. Instead of a Washingtonknows-best approach, EDA works hand-in-hand with local economic development partners (like CCD) to advance their locally-developed projects which are linked to the region s longer-term, sustainable economic development strategy. Partnering with EDA, these priority projects often can be implemented in a short timeframe. 3. EDA Drives Innovation and Entrepreneurship Throughout Our Country, Especially in Our Manufacturing Sector, to Help U.S. Workers and Businesses Compete Globally. From grants to help build rail lines, improve wastewater treatment facilities, or construct buildings and roads EDA invests in the critical infrastructure needed by businesses to locate or expand in the U.S., generating thousands of middle-class jobs in areas of the country that need them the most. EDA also makes strategic investments that equip American workers with the skills new or expanding businesses need to be successful. Through its network of regionally-based staff and a portfolio of flexible investment mechanisms, EDA helps hundreds of communities, especially those suffering economic distress, take control of their future. CCD Business Development Corporation is proud to be a part of EDA s network. Economic Development Department Changes! Margaret Barber left CCD on January 6, She accepted a position with the Port of Coos Bay, and we wish her success in her new position. Thank you, Margaret, for your service with CCD. Tracy Loomis, Community Development Director, will hand off Douglas County projects, and will take on the Coos and Curry County projects. Tracy started working at CCD in Brandi Whelchel, Community Development Specialist, will take on the Douglas County projects. Brandi has been with CCD since 2011, and has earned this new position. Congratulations, Brandi. CCD would like to welcome Cale Morgan as CCD s Communications Administrator. He will work with the Economic Development Department and provide some back up to CCD s Accounting Manager and Executive Director. Tracy, Brandi and Cale are all located in CCD s Roseburg office, which is located at 522 SE Washington Ave., Suite 111A, Roseburg, OR Call us at (541) Please drop in and say hello! FEATURED SBA 504 PROJECT Pietro s Restaurant Group, LLC Pietro s Pizza SE Main Street Milwaukie, OR (503) Ray David and Ken Bay purchased 3 Pietro s Pizza locations (Milwaukie, OR, Salem, OR and Hood River, OR) in 2004 with an SBA loan. The 3 locations have since installed arcades with prize redemption centers which are very popular with families of small children. In 2014 they expanded with a Beaverton, OR location which was designed with a Pirate theme to include laser tag and black light golf. The remodel of the Beaverton, OR location was also done with an SBA loan. For the last 12 years the borrower has rented the building in Milwaukie, OR. The building was recently listed for sale giving the borrower an opportunity to purchase the property. SBA partnered with U.S. Bank to fund the purchase the property in Milwaukie, OR. 2
3 20 Questions to Ask Yourself Before Starting a Business So you ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you re thinking about the right key business decisions: 1. Why am I starting a business? 2. What kind of business do I want? 3. Who is my ideal customer? 4. What products or services will my business provide? 5. Am I prepared to spend the time and money needed to get my business started? 6. What differentiates my business idea and the products or services I will provide from others in the market? 7. Where will my business be located? 8. How many employees will I need? 9. What types of suppliers do I need? 10. How much money do I need to get started? 11. Will I need to get a loan? 12. How soon will it take before my products or services are available? 13. How long do I have until I start making a profit? 14. Who is my competition? 15. How will I price my product compared to my competition? 16. How will I set up the legal structure of my business? 17. What taxes do I need to pay? 18. What kind of insurance do I need? 19. How will I manage my business? 20. How will I advertise my business? Source: US Small Business Administration What would I tell a small business owner who is hoping to get financing? COME PREPARED. Lenders want to know that the business owner understands their business, their market and their customers. Current financial statements, profit and loss and a balance sheet. You may also need a business plan, with projections and assumptions, for the next 24 months. Be realistic in your expectations. Lenders want to help companies expand, succeed and thrive. Be patient and be responsive to requests for additional documentation from your lender. Many times, once a credit request has been reviewed, questions are raised. Lenders need answers to these questions, which require input from the borrower. Lastly, if your business is still standing, it s no accident you ve got a compelling story and that s what you should be sharing with your financial institution. Tell your story the good and the not so good. 3
4 Advantage of an SBA 504 Loan Over a Conventional Loan: PROJECT COSTS: Building Purchase $1,000,000 Renovations 170,000 Furniture/Equipment 20,000 Appraisal/Environmental Reports 5,000 Closing Costs 5,000 Total: $1,200,000 CONVENTIONAL BANK FINANCING Bank Loan Amount $936,000 (80% of purchase price & renovations) Borrower Down Payment 264,000 $1,200,000 SBA 504 FINANCING: Bank Loan Amount $600, Loan Amount 480,000 *Borrower Down Payment 120,000 $1,200,000 Initial Cash Savings $144,000 with an SBA 504 Loan Structure *Assumes a business with a 2-year operating history & purchasing a non-special use property. Together We re Building The Future Through Responsible Economic Development. Board of Director Spotlight Board Member: Randy Richardson (Douglas County) Organization: Oregon Pacific Bank Oregon Pacific Bank was established in 1979 and headquartered in Florence, Oregon. We have grown to include full service branches in Coos Bay, Roseburg, as well as, a Trust office in Medford and a Professional Banking and Trust office in Eugene. We are committed to local growth and economic development, investing local dollars directly back into the communities we serve. Staffed by local decision makers, we specialize in offering businesses working capital lines of credit, equipment financing, commercial real estate loans, business expansion loans and government guaranteed lending. I recently became a CCD board member. I felt it was important to be a part of CCD, to help the communities we serve find ways to help with starting, growing or expanding local businesses. Businesses are the backbone of our communities. Also, CCD is able to provide valuable information and support about starting and operating a business. Contact Information: Randy Richardson Vice President Commercial Relationship Manager Oregon Pacific Bank 2555 NW Edenbower Blvd. Roseburg, OR (541) Direct or (541) Cell randy.richardson@opbc.com 4
5 Featured CCD RLF Project: A Bauman & Sons, LLC 364 North 4th Street Reedsport, OR (541) A Bauman & Sons LLC is a sewer, drain cleaning and portable toilet company with offices in Reedsport and Oakland Oregon, serving all of Douglas County, Coos Bay, Lakeside, Winchester Bay, Reedsport, Florence and surrounding areas. The company has over 25 years experience in the specified market. The loan funds were used to purchase the building the business was leasing from the Port of Umpqua and to purchase equipment for business expansion. A Bauman & Sons, LLC mission is to be an asset to local communities by providing professional service to exceed all of our customer expectations. In addition, the company prides itself not only to be known for great customer service but also for helping out the community by volunteering with local fundraiser and city events. RECENT LOAN FUNDINGS: Creswell Super 8 Motel Lane County Real Time Research Inc. Deschutes County Pietro s Pizza Clackamas County RECENT LOAN PAYOFFS: Puremist Corporation (SBA) - Washington County Oregon Family Dental (SBA) - Lane County Lance J. Johnson (SBA) - Washington County Stockpot, LLC (In-House) - Coos County RECENT LOAN REFERRALS: CCD received referrals from the following: Oregon Pacific Banking Co., Banner Bank and Umpqua Bank FINANCIAL LITERACY If you want to start a business or learn how to better manage your business money, begin with Money Smart. SBA and FDIC jointly provide an instructor-led business training curriculum. Money Smart for Small Business, is free. This curriculum is designed to provide introductory-style training for new and aspiring entrepreneurs. The 10 modules provide the most essential information on running a small business from a financial standpoint. In addition to grounding participants in the basics, the curriculum serves as a foundation for more advanced training and technical assistance. You can find this curriculum by visiting To learn more about the Financial Literacy and Education Commission, visit Great things in business are never done by one person. They re done by a team of people. -Steve Jobs 5
6 What benefits should I offer? Understanding benefits packages is no easy task. It can be difficult to figure out which small business employee benefits you should offer. You obviously need to offer the legally required benefits. But, what do you offer beyond that? You want to keep employees happy, but you also need to stay within your budget. If you already have employees, you can survey them to find out what their most valued benefits are. Once you determined what would make your employees happy, you can offer those types of employee benefits. You can also find out which benefits your competitors and other local businesses offer. You can try to match or outdo other businesses in attempts to attract quality employees. You should consider the cost of the benefits you offer. The benefits should be affordable for both you and your employees. Among job seekers, 55% look for affordable benefits, so cost is important when recruiting employees. There is no specific list of benefits your business should provide. You must determine what is right for your business by weighing laws, industry standards, benefits costs and employee desires. Required benefits: (Below is a list of legally required benefits for employees.) FICA taxes Unemployment tax Workers compensation Required leave FMLA Optional benefits: (Below are the most common benefits you can choose to provide to your employees.) Disability insurance Health insurance Retirement plan Optional leave Flexible working hours Incentive programs Featured SBA 504 Project: Douglas A Duncan & Meredith A. Wilson dba Doggy Business, LLC NE 42nd Avenue Portland, OR (503) Doug is a Certified Pet Dog Trainer (CPDT-KA). Doug was the first and is still the only, Certified Behavior Consultant (CBCC-KA) in the entire state of Oregon. Meredith is a Certified Pet Dog Trainer (CPDT-KA). In 2008 Doug and Meredith purchased a commercial building in order to expand their business. The expansion allowed an increased capacity up to 45 dogs, provided more outdoor/off leash opportunities and provided a safe and secure environment for dog boarding. At Doggy Business play groups and socialization are their specialties and they use positive effective methods in their dog training classes as well as in play groups. SBA partnered with Pacific West Bank for the purchase of the commercial property. 6
7 7 Community & Economic Development Department CCD is the federally recognized and funded Economic Development District for Coos, Curry and Douglas counties. In this capacity, CCD receives a grant from the U.S. Economic Development Administration (EDA), which enables CCD to provide technical assistance, project development, grant/project application writing and grant/project administration services to agencies in the CCD region. Often rural communities, districts and ports do not have the financial resources for the services that CCD can offer. CCD can help you to develop your projects, organize One-Stop Meetings to connect you with the organizations that fund projects and provide administrative services for your projects: Project Development Grant/Project Application Writing Meeting Development & Facilitation Grant Administration / Project Administration Labor Standards CDBG Environmental Review Record Community Involvement To contact this department, call (541) PARTNER SPOTLIGHT: Help Grow My Business The Oregon Small Business Development Center Network (OSBDCN) offers many services and programs to help you be more successful in your existing business. Services: Advising Their experienced business advisors provide valuable advice, knowledge and insight that might take you years to learn on your own. With 19 Centers across Oregon, there are advisors near you. Training They offer a wide range of training options. Register for a class at one of the Centers, attend an informational presentation or take advantage of an online webinar or class that you can access any time of day from your home or business. Resources Their library of articles, other documents and recommended books offers information to help grow your business. Hispano Web Resources They provide Hispanic small businesses with business development services, business information and resources, and access to partners that want to help Hispanic businesses to grow. Programs: Small Business Management A three-year program includes classroom, one-to-one coaching from an advisor and the opportunity to learn from other small business owners. Capital Access Their Capital Access Team (CAT) often assists small business clients by helping them to refine their business plan so its tailored to lenders, providing financial analysis and feedback, reviewing loan packages and discussing finance strategies. Scale Oregon Scale Oregon provides these and other services to qualified companies: strategic needs assessment, advanced market research and analysis, digital media assistance, search engine optimization guidance, CEO networking and mentoring. Global Trade They offer training on a variety of topics involving international trade including global business management, trade finance, international logistics, international marketing and legal and cultural issues. Veterans Mean Business This program provides focused support for military veterans who operate or are starting a small business. Assistance with Applying for Federal Grants for Research & Development (SBIR) - They assist qualified Oregon companies in the preparation of proposals for Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards. SBIR/STTR are competitive federal grant programs that award funding to small businesses for research and development that has the potential to commercialize new technologies. For more information visit:
8 CCD Business Development Corporation Roseburg Office: 522 SE Washington Ave., Ste. 111A Roseburg, OR (541) North Bend Office: 2455 Maple Leaf PO Box 444 North Bend, OR (541) CCD is a private / non-profit corporation formed in CCD was designed by the 3 counties (Coos, Curry & Douglas) not as a replacement for the individual county development efforts but as a focal point for economic development throughout the 3 county areas. CCD is recognized as an Economic Development District. In 1981, CCD expanded its financial services. The US Small Business Administration designated CCD as a Certified Development Company, which enabled CCD to begin helping businesses with SBA financing programs. Equal Credit Opportunity Lender Certified Development Companies: What is a Certified Development Company? A CDC is a nonprofit organization certified by the SBA to provide 504 loans to small businesses. Nationwide, there are about 270 of these organizations. Some make only 504 loans; others offer a range of programs to help small businesses. A CDC receives certification to operate statewide and, with approval from SBA, could be given certification to serve multiple, contiguous states. A CDC operates under the leadership of a board of directors, who are drawn from the service area. Visit Our Website: CCD Business Development Corporation (CCD) is dedicated to helping small business owners get the financing they need to start or expand their business. Our CDC has a 24-member Board of Directors, comprised of volunteers who care about the economic development role played by small business owners. Our Board includes representatives from banks, small businesses, government and community groups. To Get Started Contact: CCD s Lending Team Theresa Haga Louie Robida Business Finance Manager Loan Officer / Marketing t.haga@ccdbusiness.com ccdbusiness@hevanet.com WE WANT YOUR BUSINESS! LCOG Contacts: Eugene Office Steve Dignam Program Manager (541) sdignam@lcog.org Dan Betschart Senior Loan Officer (541) dbetschart@lcog.org OCWCOG Contact: Sandra Easdale Loan Officer (541) seasdale@ocwcog.org Our Lending Staff: Our lending staff are experts in government loan programs, providing excellent advice and counsel to the small business owners and private commercial lenders. Federal Notice: To help the government fight the funding of terrorism and money laundering activities. Federal Law requires all Certified Development Companies to obtain, verify and record information that identifies each person who applies for a loan. 8
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