E&H Industrial Services in Indianapolis is rounding out its fifth year of business by buying and moving into a larger headquarters building. Monday, December 3 is the first day of operation for E&H in its new building along Guion Road in Northwest Indianapolis. It is leaving Park Fletcher on the Southwest side.
E&H is an industrial maintenance contractor serving manufacturing, heavy industrial, distribution, and food processing industries in the Midwest. Its services include general contracting, pre-engineered metal building supply and erection, welding, and metal fabrication. It has 25 employees. Owner Phil Knickrehm says the company had five workers when it opened in 2014.
Knickrehm obtained small-business financing to buy an existing, 10,000 square-foot building on Guion Road that includes offices and a fabrication shop. The loan is from STAR Financial Bank and Indiana Statewide Certified Development Corporation utilizing the US Small Business Administration 504 loan program
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.
E&H’s down payment on its SBA 504 loan was lower than it would have obtained from a conventional commercial loan, and that is important to Knickrehm. He says, “As with any company, cash flow is critical to maintaining a healthy business. The low down payment requirements of this loan allowed us to keep cash in the business for operations.”
Jennifer VanHandel of STAR Financial Bank says, “The SBA 504 loan is helping this community business to purchase a building with less money down, achieving their dream of ownership.”
Knickrehm adds, “The loan process was smooth and seamless for us, which I am thankful for as this is our first SBA loan.”
He says, “I am excited to move into our new building. The configuration of the facility will allow us to increase production capacity, improve fabrication efficiency, and continue providing excellent service to our customers.”
Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has provided more than $520 million to 1,240 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 20 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.”
STAR Financial Bank (www.starfinancial.com)is part of STAR Financial Group and is an Indiana-based community bank delivering quality service, personalized banking solutions and innovative use of technology. STAR Financial Group and its subsidiaries have grown to $1.93 billion in assets with 42 locations in central and northeast Indiana.
E&H Industrial Services (www.eh-industrialservices.com) provides a wide range of industrial maintenance services including general contracting, welding, metal fabrication, millwright, and preventative maintenance. E&H focuses on manufacturing, food processing and distribution clients throughout the Midwest.
Professionally Managed by Cambridge Capital Management Corp.