Zaxby’s, a casual restaurant that serves grilled and fried chicken with a wide variety of special sauces, arrives in Shelbyville September 27.
Franchise owner for Zaxby’s Shelbyville restaurant is Barred Rock, LLC, of Fishers, which also owns two Zaxby’s in Greenwood and one in Fishers. Barred Rock CEO Jeff Furlin says Shelbyville’s Zaxby’s is hiring 35 people, boosting to 100 the number of employees in the company’s four Central Indiana Zaxby’s.
Furlin obtained financing from the U.S. Small Business Administration’s 504 loan program to build the Shelbyville Zaxby’s. Lake City Bank and Indiana Statewide Certified Development Corporation provided the SBA 504 loan.
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 offers small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.
Furlin says, “This is our third SBA 504 loan. The 504 loans work well for us, because we are able to finance more of the real estate than a conventional loan would allow, and we can use more of our financial resources on other aspects of the project.”
Timothy Schlichte of Lake City Bank says, “Jeff and his business partners are great owners and operators in a tough industry. The SBA 504 program is designed to reduce the risk for the lenders and give the borrowers their best chance to succeed.”
Furlin describes Zaxby’s menu; “Zaxby’s specializes in hand-breaded chicken tenders and filets, grilled chicken fillets, wings with 11 unique sauces, and Zalads (correct). Guests can use our drive thru or dine in the 70-seat restaurant.”
Zaxby’s currently has over 900 restaurants in the U.S.
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.”
Lake City Bank (www.lakecitybank.com) was founded in 1872 and is the third oldest State-chartered bank in Indiana. Warsaw, in northern Indiana, is still the site of Lake City Bank’s corporate headquarters. Lake City has 50 offices across Indiana, including the Indianapolis market, and total assets of $5.6 billion. Lake City Bank has been a subsidiary of Lakeland Financial Corporation since the 1990’s.
Zaxby’s (www.zaxbys.com) sells several varieties of what it calls “crave-able chicken.” In Central Indiana, Barred Rock LLC of Fishers owns two Zaxby’s locations in Greenwood, one in Fishers and its newest restaurant in Shelbyville. There are more than 900 Zaxby’s across the U.S.
