Delaware Business Growth through SBA 504 Loan- Environmental Alliance Plans to Hire 13 New Employees
The Delaware SBA helps another small business grow with the help of a SBA 504 Loan!
• The Delaware Community Development Corporation, a SBA certified development company, teamed with Citizens Bank to finance a $2,621,000 SBA 504 loan to purchase a new facility for Environmental Alliance (EA). The financing included a $1,171,000 SBA debenture through DCDC and a $1,450,000 convertible loan from Citizens Bank.
• The borrowers benefited from the American Recovery and Reinvestment Act which allowed for the waiver of fees normally associated with the loan. This resulted in more than $30,000 in savings that could be invested elsewhere in the expansion of the business.
• Environmental Alliance is a full-service engineering and environmental consulting firm that works primarily with industrial companies, brownfield developers, and petroleum companies, providing consulting services in the areas of environmental site assessment and remediation, permitting, air quality services, and expert testimony/litigation support services.
• The new facility will position the company to hire 13 new employees in their Wilmington office.
• Based in Wilmington, Environmental Alliance employs over 50 professionals, including engineers and geologists with satellite locations in New Jersey, Virginia, Pennsylvania, and Maryland.
• The SBA 504 loan program provides long-term, fixed-rate financing to acquire fixed assets, such as real estate or equipment, for expansion or modernization.
WHO: The Honorable Tom Carper, U.S. Senate
Andrew Dinsmore, Office of Senator Ted Kaufman
Bill Smith, Dori Smith and Paul Miller, Owners, Environmental Alliance
Jayne Armstrong, district director, SBA Delaware District Office
Bill Abernethy, executive director, Delaware Community Development Corp.
Scott Sukeena, senior vice president, Citizens Bank
WHAT: Check presentation/photo opportunity, tour & interviews
WHEN: Friday, September 3, 2010
10:00 a.m.
WHERE: 5341 Limestone Road
Wilmington, De 19808