SAN FRANCISCO--(BUSINESS WIRE)--Capital Access Group (www.capitalaccess.com), a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, today announced that Aquatech Swim School (www.aquatechswim.com) received a loan to purchase a 10,246 square foot building on a 187,000 square foot parcel at 2203 Mariner Square Loop, Alameda, CA. Aquatech Swim School, a family-owned business founded by Adrienne Mattos and Stephen Moore, offers the "Mattos Method" of swimming instruction to allow students to learn at their own pace through a consistent exercise schedule that delivers benefits in and out of the pool. The husband-wife team opened the business in 2006.
“Aquatech is an excellent example of the 504 program at work,” said Jacklyn Jordan, President and CEO of Capital Access Group. “The 504 program provides low down payment, fixed-rate, long-term financing so that business owners, like Adrienne and Stephen, can preserve cash to grow the business.”
Aquatech’s total project cost was $3.899 million. Capital Access Group financed $1.123 million and Bridge Bank provided $1.950 million in financing.
“This project included $1.4 million for tenant improvements, which Adrienne and Stephen used to provide Olympic-class systems and equipment,” said Jordan. “Not only have they expanded swimming lessons, they also built a more comfortable place for parents, who now have access to a café, comfortable seating, a picnic area, and free Wi-Fi.”
“The 504 program definitely helps with the barrier to entry,” said Stephen Moore, CFO and CTO, Aquatech Swim School. “Even with our track record of growth year over year, it was hard to prove to a financial institution that we were worthy of this large of an investment. The 504 program really opened the door for us to grow, create jobs, and serve the community.”
“It’s no longer just a theory that we could grow our business—it’s a proven element,” said Moore. “Since we opened the new facility, our business has increased by over 40%, and we’ve already hired about 25 people.”
The new facility is expected to create a total of 50 jobs for the community.
The Capital Access Group team “was informative, transparent, supportive, and very patient,” said Moore. “Capital Access Group and the avenue of SBA financing made it possible for me to think realistically about what I could do with the business without taking up all my time from improving the business and serving our customers.”
“I’m grateful for that approach,” said Moore. "Good teamwork really makes a difference.”
About Capital Access Group: San Francisco-based Capital Access Group is a leading Certified Development Company (CDC) nationwide, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 5.06%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.