As an accountant, Stewart Gelman well knows the value of low cost financing for small businesses. So, when he decided to buy  a building for his own accounting firm, Stewart sought the best financing available. The search led him to the Greater New York Development Co./Long Island Development Co. and its long term, low fixed rate second mortgage SBA 504 loan program. Under the program, Citibank agreed to lend 50% of the total project cost (based on acquisition cost, renovations and soft costs). Greater New York agreed to lend 40% in a second mortgage position. And that left Gelman to inject just 10% into the project. The  second mortgage provided by Greater New York will be for 20 years at a low fixed rate (self amortizing). All in all, this created a very affordable financing package for this young accounting firm.

Started in 1995, Gelman and Devito, CPA’s PC concentrates on accounting and tax work for  individuals and commercial clients. The company is coming from a 1,000 foot office and purchasing a professional condo unit which will give the firm plenty of room to expand as well as the professional, efficient appearance and set up they need.

As young professionals trying to grow their practice, Gelman and Devito, are very involved in the community and networking. And the working capital freed up by the low downpayment on the project will enable them to expand their support of both endeavors.

For information about how your small business can own its own building on affordable rates and terms with little money down, contact the Greater New York Development Co. at 866 433 5432. Greater New York has been NY’s premier small business lender for over 26 years, helping thousands of NY entrepreneurs to realize their dreams of building ownership.