Tanning Supplies Unlimited is operating at its new headquarters office and warehouse on the southeast side of Indianapolis. Tanning Supplies Unlimited and its 14 employees manufacture and distribute tanning beds, tanning lamps and tanning lotions to licensed tanning salons across North America.
Owner Michael Gilley financed the purchase and remodeling of the building, at 1504 Sadlier Circle South Drive, with a loan from the US Small Business Administration 504 program. The State Bank of Lizton and Indiana Statewide Certified Development Corporation provided the SBA 504 loan to Gilley. He says the new building is twice as big as the company’s former location nearby.
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.
Jim Young, executive vice president of State Bank of Lizton says, “The SBA 504 program is an important building block for small businesses in our Central Indiana service area. Tanning Supplies Unlimited is a good business that needed a stable, long-term interest rate and a low down payment requirement that the 504 loan provides.”
Gilley says, “The 504 program made it easier for the bank to participate in our growth, and I’m grateful for that.”
Gilley founded Tanning Supplies Unlimited in 2003. Gilley expects to add personnel in addition to his current 14 employees in the near future.
Background:
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 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.”
State Bank of Lizton (www.statebankoflizton.com) originated in 1910 and now includes nine locations providing full banking services throughout Boone and Hendricks Counties in Central Indiana.
Tanning Supplies Unlimited (www.tanningsuppliesunlimited.com) is a wholesaler that manufactures and distributes equipment and supplies to licensed tanning salons in North America. Associated companies date back 28 years and have used the 504 program before. They operate retail coin laundries and tanning salons in Indiana and Kentucky (Laundry and Tan Connection), and Bubbleland Car Wash in Plainfield, Indiana.
