Daily News: April 25, 2013

Opus Bank Provides $20.8MM to Small Businesses


Opus Bank said that its Commercial Business Banking division provided $20.8 million of capital financing to nine small businesses located in California and Washington through various U.S. Small Business Administration loan programs.

A lawn and garden wholesaler and retailer was provided an SBA 504 financing package for the purchase of the commercial building.

A licensed contractor was provided an SBA 7(a) loan for the purchase of a company that designs, manufactures and installs clean room systems.

A phone accessory manufacturer, distributor and retailer was provided an SBA 7(a) loan for working capital, which was used to purchase equipment, refinance debt and invest in the company’s strategic growth.

A self-storage operator was provided an SBA 504 loan, which was used to make improvements to its facility and refinance existing debt.

A service-disabled veteran-owned business was provided an SBA loan package consisting of seven SBA CAPLine loans and an SBA 504 loan to hire additional employees and reposition its growing company with capital strength.

A specialty retailer and distributor was provided an SBA 504 loan package to refinance its existing debt on the property that houses its business, which sells and distributes high-end, non-commodity pressure sensitive tape.

An accounting firm was provided an SBA loan package that included an SBA 504 loan to fund the purchase and redevelopment of the building in which the accounting firm is now located.

An aerospace and defense contractor specializing in custom fabrication and machining was provided an SBA 504 financing package that was used to refinance the commercial property that houses its business.

An automotive parts recycler, remanufacturer and reseller was provided an SBA 504 loan to purchase an industrial warehouse.

Stephen H. Gordon, chairman and chief executive officer of Opus Bank, stated, “Opus Bank is committed to enabling entrepreneurs and small businesses to grow, expand, enhance revenues, and create new jobs from the ground up, thereby rebuilding healthy, vital and vibrant communities in the Western region.”