A new tennis and fitness center in Pendleton is attracting active families and individuals from Madison and surrounding counties. Community Sports & Wellness opened its 123,000 square-foot facility in partnership with Community Health Network.
The core of Community Sports & Wellness (CSW) is a 10,000 square-foot Community Health Center – including a Rock Steady boxing gym – offering membership-based fitness classes, free weights and machines, personal training, workshops, cooking classes, and basketball and pickle ball.
Eight professional-quality tennis courts are open for individual and league play. They utilize a streaming, analytical teaching tool used in professional tennis facilities worldwide. A state-of-the-art gymnastics studio is serving the community through gymnastics clubs for all age groups. Five full-time employees and several part-time instructors teach the classes and supervise the facilities.
A key part of Community Sports & Wellness’ financing package was provided by a loan from the U.S. Small Business Administration 504 program. CSW used the 504 loan to purchase the real estate and build and equip its facility. The loan came from Old National Bank and 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 can give small business owners long-term, fixed-rate financing similar to commercial loan terms available for large companies.
Jini Morgan, president of Community Sports & Wellness, says, “ We are very appreciative to have received a SBA 504 loan. All involved were exceptional to work with to secure the funds.” Morgan adds, “The SBA 504 loan enabled Community Sports & Wellness to open as soon as possible with favorable financing terms.”
Matt Brewer of Old National Bank says, “Community Sports and Wellness is adding value to the Town of Pendleton and providing a nice facility for physical fitness, gymnastics, basketball, pickle ball and tennis. The fact that Community Hospital has a clinic in the building shows their level of commitment to the project. The Town of Pendleton installed infrastructure improvements to accommodate this project that will add attractiveness to the area and likely bring additional tax revenue to Pendleton.”
CSW is located at the Pendleton exit off I-69. (Exit 219, West State Street).
Background:
Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has approved over $725 million of financing for more than 1,500 Indiana companies since 1983, creating or saving more than 27,000 jobs, and is the most prolific CDC in Indiana. These projects 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.”
Old National Bank (www.oldnational.com) started on the shore of the Ohio River in 1834, in one small room at the heart of what would eventually become Evansville, Indiana. Today, with more than $20 billion in assets, Old National maintains the commitment to provide financial solutions for the businesses, individuals and communities.
Community Sports & Wellness (www.communitysw.com) offers fitness, sports, and recreation programs for individuals and entire families. The 123,000 square-foot facility includes full exercise area with cycling and yoga studios, pickleball, gymnastics, a ninja course, tennis basketball, cheer programs, a cafe and child care.
Professionally Managed by Cambridge Capital Management Corp.
