BORROWER NEWS
  
 
Small Business is Blooming on Eastern Long Island
 
August brings visions of flowers, sunshine and gardening. One place you may want to visit is a local garden center or nursery. If you live or work on the east end of Long Island, there is now an improved, bigger facility to meet your outdoor landscaping and floral needs: Shelter Island Gardens. Shelter Island Gardens, the only full service garden center and nursery located on Shelter Island, has been serving Long Island nature lovers since 1949. New owners are bringing additional talents, products and services to the mix. Located in the main commercial corridor of Shelter Island, the company provides a full range of landscaping services, from landscape design to high end retail sales of decorative outdoor items and live nursery stock. Specialties of the new owners include award winning landscape design and affiliate construction.

The expansion and ownership change of Shelter Island Gardens is being accomplished thanks to an SBA 504 second mortgage loan from Long Island Development Corporation and a first mortgage from Suffolk County National Bank. LIDC’s second mortgage is being provided for 20 years at a low fixed interest rate, which will enable the new owners to preserve cash for working capital needs in their expansion. And, thanks to LIDC’s 504 loan, Long Island’s east enders and Shelter Island residents will be able to easily access a full array of garden and landscape related products and services.

SBA 504 loans are available for any small business looking to acquire, construct or renovate capital assets. Retail, wholesale, service and manufacturing companies are eligible. SBA 504 provides up to 40% of a total project cost, including acquisition, renovation and soft costs. Dollar maximums range from $1.5 million to $4 million for manufacturers. Interest rates are based on 10 year treasury bills and loans are self amortizing for 10 or 20 years.
     


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