Racing To Expand
Short Term Loan Racing To Expand
Author: Stephanie Clarke
Date posted: 12.20.22

A local mechanic in North Birmingham, Alabama, has been running a successful mechanic and autobody shop for the past ten years. He had an ever-growing customer base, with people coming from all over Birmingham to see his highly trained and knowledgeable mechanics. They were sought out for standard vehicle repairs and specialized in electric and classic restoration. His customer service and reasonable prices had him booked out for weeks.

Racing to Expand and Paint the Future

 

Racing to Expand, he decided it was time to open a second location on the southside of Birmingham and expand his business to include paint customization. He had been working with a new artist lately and wanted to add him to his staff roster. The artist needed his workspace to spray the cars away from others in a well-ventilated room.

When looking at property availability in the South of Birmingham, the task proved challenging due to the presence of established mechanics in the area. They did find an older shop that had been left for several years by the previous owner. The sale price for the building and land was relatively low. The owner could afford to buy it outright. However, he would need to finance construction on the building repairs and build a paint room for his new Racing to Expand business venture.

Racing To Expand
Securing Repayment through Steady Growth

His well-established business eliminated worries about repayment, given his steady cash flow. Consequently, he remained confident that the borrowed money would find swift repayment once the new location became operational.

 

After assessing his finance options, he concluded that a loan best suited his business and its requirements. Subsequently, upon acquiring the property, he engaged a contractor who reviewed the costs of aligning the building with his standards and executing an addition. The contractor furnished an estimate of seventy-five thousand dollars and projected completion in approximately six months.

 

Armed with this information, the owner opted for an 18-month short-term loan. With over a decade of business experience, an exceptional FICO rating, and the ability to provide essential bank statements, the application process proved effortless. Upon approval, the financing materialized within two business days, prompting the construction company to commence work in under three weeks.

Seven months later, he prepared for the grand opening. He extended invitations to the staff from his inaugural location. He also invited the newly hired and trained personnel to embark on a tour of the fresh site. The advanced equipment and potential for custom paintwork integration left a strong impression on everyone.

 

The local community warmly embraced the newfound proximity. The paint customization services were in such demand that bookings extended beyond six weeks. Customers eagerly sought to elevate the aesthetics of both their contemporary vehicles and cherished classics. Within 15 months, he managed to repay the loan. He’s now actively exploring expansion opportunities in Montgomery.

Racing To Expand
About The Author | Stephanie Clarke

Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.

What’s New

All Resources
All Resources