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Cambridge Capital Management: A-Nails Builds With SBA 504 Small Business Loan From First Farmers Bank & Trust and Indiana Statewide CDC (Kokomo)

2018-05-08T14:50:36+00:00May 8th, 2018|

A-Nails on Kokomo’s East Hoffer Street is a new nail salon owned by Trang Minh Anderson, who operated A Plus Nails for several years.

Mrs. Anderson opened A-Nails in December in a newly-constructed building she financed with a popular U.S. Small Business Administration (SBA) loan program. She obtained a SBA 504 loan from First Farmers Bank & Trust and the Indiana Statewide Certified Development Corporation.

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 help small companies gain favorable financing terms similar to those available to large companies in conventional loans.

A-Nails, located on Hoffer Street near route 931, is in a new building constructed with Mrs. Anderson’s SBA 504 loan. A Nails employs six people providing nail service and products.

She says, “The loan is working out well for us and business is very good. We are really happy here.”

Alice Rexing of First Farmers says, “The SBA 504 loan’s long-term, fixed interest rate and low down payment are a good foundation for building Mrs. Anderson’s business.”

Background:

Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has provided more than $510 million to 1,200 Indiana companies since 1983, creating or saving more than 15,000 jobs, and is the most prolific CDC in Indiana.

First Farmers Bank & Trust (www.ffbt.com) From its beginning in Converse, Indiana in the 1880’s, First Farmers Bank & Trust now serves over 60,000 clients throughout Indiana and Illinois from 34 branch offices and more than 400 employees and has become one of the premier community banks in the Midwest.

A-Nails, Kokomo is a full-service nail salon and is the second owned in Kokomo by Trang Anderson.