Miller Metal Machinery Expands with SBA 504 Loan
The Delaware Community Development Corporation, a SBA certified development company, has teamed with the Delaware Economic Development Office to finance a $498,000 SBA 504 loan to purchase state of the art laser equipment for Miller Metal Fabrication. The financing included a $198,000 SBA debenture through DCDC and a $300,000 convertible loan from the Delaware Strategic Fund.
So, what makes this transaction noteworthy?
This project represents the first time the State of Delaware has taken a first lien position in a SBA 504 loan.
Miller Metal Fabrication is a one-stop metal shop specializing in design engineering, part nesting, CNC sheet cutting and punching, CNC forming, welding and fabrication, and field installation and fabrication. Established in 1983, the company currently has 40 employees, but plans to add 11 jobs in the next three years.
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.
- The New Castle County Economic Development Council – Blueprint for Growth
- Delaware Business Weekly Round Up- July 16, 2010