Jon Chapman’s successful bath fixtures store occupies a new location that is more easily seen from nearby Main Street in Brownsburg.

Using a loan from the U.S. Small Business Administration’s 504 program, Chapman Custom Baths bought land and an existing building a few blocks from its original store. The new location is bigger, and is more visible than the original store which was hidden behind a commercial shop. State Bank and Indiana Statewide Certified Development Corporation provided the SBA 504 loan to Chapman.

Chapman says, “Our store is successful, but we needed to be seen, and we needed more space. The SBA 504 loan really made the deal for us. We need the longer repayment time and smaller down payment. We are very pleased.”

Kevin Hall of State Bank says, “This type of project is the reason for the SBA 504 loan program. A little financing can help a local business to reach its great potential.”

Jon Chapman founded Chapman Custom Baths in 2010. The store’s specialties include high-quality stone laminate and solid surface customized showers, tub replacements, vanities, and accessories. Chapman says the larger store will help him add three employees to his current five-person team.

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.

Background: 

Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has approved over $725  million of financing for more than 1,500 Indiana companies since 1983. These loans have created or saved more than 27,000 jobs, and represent more than $1.8 billion in expansion financing for Indiana businesses.

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.”

Chapman Custom Baths (www.chapmancustombaths.com), founded by Jon Chapman in 2010, specializes in high-quality, stone laminate and solid surface customized showers, tub replacements, vanities, and accessories. Customers can pick from more than 90 colors and finishes.

State Bank (www.statebank1910.com) currently has nine locations in Hendricks and Boone counties. State Bank is expanding into Hamilton and Tippecanoe counties, and is headquartered in Brownsburg.

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