Greenfield Collision, a Spies Hecker customer in Washington, Mich., is one of the first companies in the United States to receive a special Small Business Administration (SBA) loan as part of Pres. Barack Obama’s $112-billion “100 Days, 100 Projects” economic stimulus package.
The shop is using a fee-free $463,500 loan guaranteed at 90 percent by the SBA to buy its 20-bay, 11,000-square-foot building in Washington, which the owners – Don Lane and Keith Robinson – have been leasing since establishing the location 11 years ago. Purchase of the property and the elimination of the SBA fees has reduced their monthly expenses by $2,000 and helped them retain their 10 employees.
With the strengthening in their short-term cash flow, Lane and Robinson plan to invest in more environmentally friendly business options, including converting to Spies Hecker Permahyd, a waterborne paint system, five years ahead of the technology becoming mandatory under Michigan law.
In addition, Greenfield has gone to a paperless payroll system.
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