[1]| Business Names / Operating Companies: | 2020 ENGINEERING, Inc. |
| Borrower/Eligible Passive Company: | Wellspring Northwest, LLC |
| Industry: | Sustainable civil engineering design and consulting firm |
| Project Location: | 814 Dupont Street, Bellingham, Wash. |
| Financing Purpose: | Purchase and improve existing commercial building |
| Financing Structure: | 50% Lender/40% Evergreen/10% Borrower |
| Permanent Lending Partner: | Peoples Bank |
| Economic Development Goals Met: | Job Creation |
| Jobs Created and Retained: | 10 |
| Website: |
"We felt like sardines," said Mark and Jessie Buehrer. Their sustainable civil engineering design and consulting firm, 2020 ENGINEERING, Inc., occupied a 1,500 square foot converted house in downtown Bellingham, Washington. Their business had filled it up, even the attic. They needed room to grow.
The Buehrer's found a building they wanted to purchase close to downtown and called their friends at Peoples Bank in Bellingham to see if they would qualify for a commercial mortgage. That's when they learned of the 504 loan program. Peoples Bank said they had a good chance to qualify and that the terms and rate were better than standard commercial rates.
They did look at other types of loans before obtaining 504 financing. "We found that regular commercial real estate loans had higher rates and required a larger down payment, making that option unaffordable for us," says Jessie Buehrer
The SBA 504 loan through Evergreen Business Capital enabled them to purchase a building almost three times the size of their previous space. The Buehrer's say, "More space enables us to not only hire more engineers and designers as we grow, but also to sublease space to other like-minded, independent consultants interested in sustainable development."
"The most beneficial aspect of the 504 loan is the low rate (which ended up lower at closing then when we started the process) and the long-term stable operating costs. We also appreciated the "remodel fund" portion of the loan which allowed us to upgrade the building for our use as an office (from a former retail space)."
The Buehrer's Evergreen experience was positive, "We found everyone very friendly, professional and supportive. Desiree Gray (Evergreen Senior Loan Officer) and the rest of the team all seemed to be very interested in our unique sustainable approach to our remodel and our business."
And what would the Buehrer's tell other small business owners about a 504 loan?
"I cannot think of a single reason why it wouldn't be the very best choice for any small business wanting to own their own space or grow their business."
The Buehrer's call their new building "The Wellspring Building", "Because we are all about water and we like the verse in Proverbs 4 that talks about the wellspring of life." This PDF [3] lists of the many green building systems and strategies featured in the remodel. More about 2020's sustainable engineering projects can be found at www.2020engineering.com/LID.LEED.LivingBuildings [4].