“The purchase of this land has enabled us (ACI) to meet the asphalt paving needs in Southeastern Wisconsin,” said Robert Kordus, president of ACI. “This land acquisition allows us to be more competitive, but it also reduces costs for both our customers and our business partners within our community. We couldn’t have done it without the help of the Community State Bank, the RCEDC and the due diligence of the City of Burlington officials.
The purchased land will mean expansion for ACI, allowing more pavement work and greater distribution throughout the Milwaukee-Chicago area. The expansion is expected to create 13 new jobs over the next two years, the statement said.
The SBA 504 loan program offers business owners the option of purchasing equipment, land or building with only 10% equity required from the borrower; in some cases, refinancing is possible. The remaining amount is divided between the 40% SBA with a “low fixed interest rate,” BLP said, and 50% of the lender.
“We were very excited to be working with Robert, Robert Jr. and Peter to help them purchase land in the city of Burlington,” said Neil Buchanan, senior vice president of corporate banking at Community State Bank. “The SBA 504 loan program enables our team to provide financial assistance at a low interest rate as well as relieving the business owner of having to make a large down payment.”