Awning Innovations, a Central Indiana sign manufacturer with customers across the nation, has moved into new manufacturing space east of McCordsville in Hancock County.
The 20-year-old company purchased and renovated a 123,000 square-foot building with a loan from the U.S. Small Business Administration 504 loan program through Lake City Bank and Indiana Statewide Certified Development Corporation.
Frank Green, who co-founded the company in 1999 and is a co-owner, says Awning Innovations manufactures “from scratch” signs on a wholesale basis and sells them to retail sign companies across the nation. Panera Bread, CVS, IU Health, the Indianapolis Children’s Museum, Trader Joes and Whole Foods are among locations that display signs from the company.
Awning Innovation’s 110-employee roster will grow by about 15 jobs each year as a result of the expansion. “The new building gives us a better floor plan with lower operating costs,” Green says. Taking over an old brake distribution plant required Awning Innovations to “significantly” upgrade lighting, electricity and data wiring, all of which was possible due to the loan from Lake City Bank and Indiana Statewide CDC.
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.
Lake City Bank’s Greg Lentz says the SBA 504 loan offers significant advantages for Awning Innovation’s day-to-day cash flow. “The 10 percent down payment is half the 20 percent for a conventional loan down payment,” he says. “The fixed interest rate on the SBA portion of the loan for up to 25 years is also better than conventional terms.”
Awning Innovations’ new location is just east of McCordsville at 7795 N. 200 W. It is a half-mile south of the Mount Vernon Township schools. The leased manufacturing plant it left is near 116th Street and I-69 on Exit 5 Parkway in Fishers.
Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has provided more than $530 million to 1,260 Indiana companies since 1983, creating or saving more than 26,595 jobs, and is the most prolific CDC in Indiana.
Executive Director Jean Wojtowicz says, “SBA 504 loans help small businesses grow because borrowing companies may 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 terms than generally available to small businesses.”
Lake City Bank (www.lakecitybank.com), founded in Warsaw in 1872, is the third oldest State-chartered bank in Indiana. Warsaw is still the site of Lake City Bank’s corporate headquarters, but has expanded into Indianapolis market and has 49 offices across Indiana with total assets of $4.8 billion.
Awning Innovations (www.aiinnovations.com) is a wholesale only sign, channel letter, LED display and awning manufacturer serving retail sign and awning companies. AI’s home office is located in Indiana. The company also operates facilities in Charlotte, North Carolina.
Professionally Managed by Cambridge Capital Management Corp.