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SUCCESS STORY: SBA LOAN
SBA loan funds big-time expansion
An SBA loan helped an upholstery company relocate to a larger workshop and headquarters.
BUSINESS BANKING CHALLENGE
In 2006, Shane Lawless purchased an upholstery business in West Concord, Mass. By 2022, the time had come for Lawless Upholstery to upgrade its 900-square-foot spot on Commonwealth Avenue. The full-service shop, which specializes in reupholstery, furniture restoration and custom-built furniture, was bursting at the seams after long-sustained growth. It had added wallpaper coverings and furnishings to its growing business.
“We were expanding the business and had been renting for 16 years,” said Shane. “We were looking for the right piece of real estate and it came up across the street from us.”
THE NORTHERN BANK SOLUTION
Now that he had found the perfect location to relocate his business, Shane called on Northern Bank to help finance the purchase. After going over his options, Shane agreed to an SBA loan to fund what he called “the biggest purchase of my life.”
There are two key advantages of an SBA loan:
- Only 10% equity is required vs. other loan options which usually require around 20-25%.
- SBA loans provide long-term, fixed rate financing for major fixed assets.
The SBA loan process was a smooth one and Shane was ready to close on the new 5,000 square foot property within 45 days.
“It was great, everyone at Northern Bank crushed it,” said Shane. “Northern Bank made what I thought would be a terrifying process, very streamlined. It was simple.”
About Lawless Upholstery
Lawless Upholstery & Furnishings is a full-service shop specializing in commercial and residential upholstery, furniture restoration, custom-built furniture, and home furnishings. Founded in 2006 by owner Shane Lawless in the heart of downtown West Concord, Massachusetts, the business is known for its superior craftsmanship and unparalleled service. Renowned by award-winning interior designers, commercial establishments, and residential customers alike, Lawless provides unmatched quality for clients whether they’re having a single chair reupholstered or an entire restaurant full of seating built from scratch.
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