White’s Ace Hardware opens new store in Fishers with SBA 504 loan from Horizon Bank and Indiana Statewide CDC

The latest store for White’s Ace Hardware is open in Fishers at 116th Street & Allisonville Road.

White’s Ace purchased and remodeled the former Do-It-Best hardware store that had occupied the site for about 30 years. The store continued operations as White’s Ace conducted extensive renovation. Owner Stephen White says the final touch — a new sign — will go up by late April.

The newest White’s Ace Hardware is the company’s third store. The other two are in Carmel and near Geist Reservoir. White says about 67 people are employed at the three stores, either on full-time or part-time schedules. More will be hired for the summer season.

A loan from the U.S. Small Business Administration 504 loan program helped White buy and remodel the store. Horizon Bank and Indiana Statewide Certified Development Corporation provided the loan.

Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help owners of expanding or startup small businesses buy real estate, buildings and equipment. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.

White says, “This project would have definitely been a harder to finance without the SBA 504 loan. Additionally, our business plan requires us to own our properties. This would not be possible without the SBA 504 program. We opened our first store in 1978 with the help of the SBA.”

Stacey Roberts, of Horizon Bank, says, “This is a good SBA 504 loan as it enables the retention of jobs and will create new ones. The former owner of this store was retiring and sold the business and real estate to Steve. The SBA 504 works well in cases like this to allow the borrower to retain equity that can be used in the business and further lock in long-term attractive rates on the SBA loan.”

Operating three stores in the northern Indianapolis metro area is a big plus for White’s Ace Hardware and its employees, says White. “The multiple locations allow us to share employees between stores, gives our employees career opportunities, spreads out our office overhead and increases our community exposure as an established business destination.”

Background:

Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has approved over $692 million of financing for more than1,500 Indiana companies since 1983, creating or saving more than 27,000 jobs. These projects represent more than $1.8 billion in expansion financing for Indiana businesses. Indiana Statewide CDC is the most prolific SBA certified development corporation in Indiana

Executive Director Jean Wojtowicz says, “SBA 504 loans help small businesses grow because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 25 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer more favorable loan rates than generally available to small businesses.”

Horizon Bank (www.horizonbank.com) is an independently owned community bank with locations in northern and central Indiana and Michigan. Horizon is headquartered in Michigan City, Indiana. Horizon has been honored with lender awards from the SBA and other financial organizations. It offers full-service banking and continues to prosper with solid earnings for the past two decades.

White’s Ace Hardware (www.whitesacehardware.com) owns and operates stores in Carmel, Fishers and the Geist Reservoir neighborhood. The family-owned stores feature large choices in hardware, lumber and garden products.