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Borrower Spotlight – Horizon Dental

horizon dental scrantonWe are thrilled to announce the completion of a new 2016 Small Business Administration (SBA) 504 Loan for Horizon Dental Care, an established dental practice providing expert dentistry services in Northeastern Pennsylvania. Dr. John Evanish, III, dentist and owner of Horizon Dental Care, has been serving the community along with his dedicated staff for nearly two decades.

After graduating from the West Virginia University School of Dentistry, Dr. Evanish went on to open his successful practice which initially consisted of two locations. His first practice, Horizon Dental Care of Hawley, is located on Route 6 in Lake Wallenpaupack, PA. Dr. Evanish’s second practice, Horizon Dental Care of Cherry Ridge, is located on the Lake Ariel Highway in Honesdale, PA.

With the tremendous success achieved by Horizon Dental, Dr. Evaish wanted to expand his dental practice to the Lackawanna County area, finding an ideal location at 400 Wyoming Avenue, Scranton PA. With the help of the Northeastern Economic Development Company, Dr. Evanish was able to secure the funds needed to purchase this 4 story commercial building in the heart of downtown Scranton.

evanishThe new building is 55% occupied by Dr. Evanish, with all of the 3rd and 4th floors utilized for his dental practice and all of the first floor utilized for his True Beauty Coffee and Gift Shop. Dr. Evanish currently plans to rent the 2nd floor out to a physicians group.

The new Horizon Dental of Scranton property is prominently located at the intersection of Wyoming Avenue and Mulberry Streets, two main thorough fares in the city that see 24,400 vehicles a day.

Dr. Evanish and his wife, Janine, currently reside in Moscow, PA, with their two sons and daughter.

For more information on the SBA 504 Financing Loan Program and how NEDCO can help your small business acquire the fixed-rate, long term financing it needs, contact us today at 570.457.6726. Our experts are here to help walk you through every step of the process and provide you with the guidance you need to secure financing.

Borrower Spotlight – Kadillac Tattoo

Kadillac 6We are pleased to announce the completion of a 2015 Small Business Administration (SBA) 504 Loan for an established tattoo business in Philadelphia, PA. Sole proprietor and expert tattoo artist, Eric Flynn, is the owner of Kadillac Tattoo, a successful tattoo shop located in the Mt. Airy area.

Eric has over 20 years of experience in the tattoo industry, and first began tattooing in a book shop he owned on Ridge Ave. His business grew so fast he needed to expand, and in 1992, he and a partner opened a tattoo shop, originally located in Manayunk. After opening a second location on Rising Sun Ave., his partner took over the Manayunk location in a split that resulted in Eric keeping the Rising Sun shop which continued to grow and prosper.

Eric and his wife, Lisa, currently reside in Glenside, Montgomery County, which is close to the Mt. Airy section of Philadelphia. They had been looking to expand Eric’s tattoo business into Mt. Airy and finally secured their current location on Germantown Avenue in 2013.

Kadillac 3With the help of NEDCO and Centric Bank, Eric and Lisa were able to secure 20 year fixed rate financing, using the SBA 504 Loan product, and did so with only a 10% down payment. This loan enables Eric to purchase the Germantown location, securing both the property and the future of his growing business.

Kadillac Tattoo is located at 7102 Germantown Avenue, Philadelphia, PA.

To find out more about the SBA 504 Financing Loan Program, and how it helps small businesses to acquire fixed-rate, long term financing, give us a call today at 570-457-6726. We are happy to answer any questions you may have and to assist in matching you with an SBA program to help you achieve your business goals.

May/June 2015 Newsletter

Borrower Spotlight

NEDCO was pleased to pair up with First National Community Bank in Dunmore, PA in 2014 with securing a loan for Ray’s Shursave Markets for the acquisition of their Old Forge location (former Rossi’s Market). Ray’s Shursave Markets began in 1979 and is a family-owned and operated grocery chain that currently operates four supermarkets throughout northeastern Pennsylvania. At all of Ray’s 4 locations you can find a bakery, a deli, catering options, custom party platters, and fresh and ready-made dinners. In addition, Ray’s Markets also makes it convenient for its customers to be able to purchase restaurant and chain gift cards, Ray’s gift certificates, PA lottery tickets, and money orders. [Read more…]

March/April 2015 Newsletter

BORROWER SPOTLIGHT

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FrontDeskScaled Josiah_Lewis_images_NEDCO_DSC5317_edited Josiah_Lewis_images_NEDCO_DSC5359_editedMotel 6 Wilkes-Barre

Northeastern Economic Development Company (NEDCO) was pleased to announce the completion of a 2013 Small Business Administration (SBA) funding for a new hotel in Wilkes-Barre, PA.  NEDCO joined First National Community Bank in securing funds to enable Hotel Squared, LLC to construct a 78-room Motel 6. With this great location on Schechter Drive in Wilkes-Barre, right off Interstate 81 and the Exit 168 interchange, Motel 6 is in the perfect location to surrounding shopping plazas, chain restaurants, and the Mohegan Sun Arena. This Motel 6 features interior corridors, bus parking, coin laundry machines, elevator, free Wi-Fi, and allowance of pets. “With the help of First National Community Bank and Northeastern Economic Development Company, we were able to make this vision a reality and work with people who have always put our best interest first” is what Rakesh Patel, Managing Member of Motel 6, had to say about his 504 experience.

NEDCO is a Certified Development Company (CDC) that specializes in economic development projects in Northeast Pennsylvania.  The SBA 504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion, modernization, and job creation.  Call NEDCO today (570-457-6726) to receive more information about how we can assist in matching you with an SBA program to service your small business needs.
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January/February 2015 Newsletter

 

Northeastern Economic Development Company

2014 Review and 2015 Outlook

Stephen Ursich, Executive Director, of Northeastern Economic Development Company (NEDCO) is pleased to announce that NEDCO has recently completed a very successful 2014 calendar year. In 2014, NEDCO saw an increased volume and ultimately had 8 loans approved by the SBA totaling $9.4 million. That increases NEDCO’s portfolio to include 36 loans totaling $23.2 million, an increase of $11.2 million since the beginning of 2014. In addition, at the end of 2014, NEDCO had four loans pending SBA approval, which total $2.7 million. These projects helped to create 131 new direct jobs and the retaining of 105 jobs in the local economy. “Access to capital at a fair interest rate and the jobs that these small businesses create are key to what we do at NEDCO,” said Mr. Ursich. “Without the use of the SBA 504 program, some of these projects may not have occurred”.

In 2015, Mr. Ursich continues to see NEDCO having solid growth in their 504 loan volume.  Mr. Ursich states: “We continue to receive a great deal of interest in utilizing the 504 Loan program to assist companies in their projects.  We continue to work with a diverse group of small businesses that are looking to see how they might best start and expand their businesses. We expect NEDCO to see real strong growth in 2015 in this area.”  Have a loan or want more information? Call NEDCO today (570-457-6726) or visit our website.  Remember, here at NEDCO, we make it happen.


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December 2014 Newsletter

Freckles-&-Frills-Learning-Center-of-Scranton-PA
NEDCO Spotlight: Freckles & Frills Learning Center of Scranton, PA

TARA A. BURNS – JUNE 19 2014, 12:04 PM ET
Northeastern Economic Development Company (NEDCO) is pleased to have partnered with Fidelity Deposit Discount Bank in granting an SBA 504 loan to Freckles and Frills Learning Center of Scranton, Pennsylvania.  In 2011, the funds were put to work on the expansion and development of their facility.  With the help of the SBA and NEDCO, Freckles and Frills was able to secure the credit necessary for the purchase of an additional building and remodeling costs under the direction of Elizabeth Keiper.  The project was completed in September of 2013 and has been a tremendous success for our community.

Since its establishment as a nursery school in 1977, it has grown to become a full service child care and early learning center.  It currently provides high quality child care to children ranging from 6 weeks to 12 years of age.  Freckles and Frills Learning Center has developed an excellent reputation over the past 35 years.  They have grown to become one the of premier child care centers in the greater Scranton area.

“Freckles and Frills is licensed by the Department of Education, the Department of Public Welfare and is a Keystone Star 4 designated site.”  NEDCO is proud to have been a part of positively impacting, perhaps, the most important members of our society and the future of our community: our children.  It is NEDCO’s mission to promote development and cultivate lasting relationships with small businesses in our area.  Let us help you imagine a better tomorrow.  Call NEDCO today (570-457-6726) to receive more information about how we can assist in matching you with an SBA program to service your small business needs.

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June 2014 Newsletter

NEDCO Spotlight:  Kingsley ShopRite of Broadheadsville, PA
STEVE URSICH – TARA A. BURNS – MAY 27 2014, 10:04 AM ETNortheastern Economic Development Company (NEDCO) is pleased to announce the completion, as of July 2013, of Small Business Administration (SBA) funding for their largest project to date.  In 2011, NEDCO partnered with Wayne Bank and several other local lenders to complete the relocation and expansion of the ShopRite of Broadsheadsville.  The project combined traditional bank financing and SBA 504 funds to construct the 95,000-square-foot shopping center. The new location now boasts the largest ShopRite location in the world.  In addition to the expansion, the project saw the creation of nearly 200 jobs, with the location now employing nearly 450 local employees.  Christopher Kingsley, Vice President/General Manager, was satisfied with his experience in receiving SBA 504 loan funding through NEDCO:  “The assistance from NEDCO and the SBA was very important to seeing this project come together and ultimately being completed” said Kingsley.  “Our family is very pleased to offer such a beautiful shopping experience to our customers, and it may not have been possible without the help of NEDCO and the SBA.”NEDCO is a Certified Development Company (CDC) that specializes in economic development projects in Northeast Pennsylvania.  The SBA 504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion, modernization, and job creation.  Call NEDCO today (570-457-6726) to receive more information about how we can assist in matching you with an SBA program to service your small business needs.
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