Capital Access Group Provides SBA 504 Financing to Help Gymworld Owners Purchase 8,326 Sq. Ft. Building in San Rafael
"Building ownership gives you a sense of freedom." - Victoria Yelensky, co-owner, Gymworld
San Francisco, CA, November 28, 2016 (Newswire.com) - 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 it helped the owners of Gymworld to secure $2,225,300 in total project financing to purchase an 8,326 square-foot building at 3040 Kerner Boulevard in San Rafael, CA. Co-owners and former gymnasts Victoria Yelensky and Lourdes Esquivel founded Gymworld (www.gymworldmarin.net) in 1999 to pass on their love for gymnastics and the sport’s benefit to children. Gymworld provides classes for children aged 20 months to 18 years.
Victoria was born in Ukraine and was a competitive gymnast in the former U.S.S.R. and represented Ukraine in international competitions. Lourdes was born in Mexico and competed in national and international competitions on the Mexico National gymnastics team. Together, the women have created a business that is “a great asset to the community,” according to Victoria.
The SBA 504 loan saved us. We saved $200,000 to $300,000 on the down payment that we could use to invest in new equipment and improvements that will help us grow the business.
Victoria Yelensky , Co-Owner, Gymworld
The owners had been leasing the building and using about two-thirds of its space for five years prior to purchasing. When the previous owner decided to sell, they knew they had to make their move. “The building is our competitive advantage,” said Victoria. “It has a high ceiling, skylights, and beautiful windows, and when people come in, they’re impressed and they want to start lessons. So, buying this building was critical for our business.”
“The SBA 504 loan saved us,” said Victoria. “We saved $200,000 to $300,000 on the down payment that we could use to invest in new equipment and improvements that will help us grow the business.”
“The SBA 504 loan was essential for Gymworld’s continued success,” said Cara Rudy, Vice President, Capital Access Group. “When the previous owner decided to sell the building, Victoria and Lourdes had to act fast, and they needed the low down payment, long-term financing the 504 loan program makes possible. Now they have the pride of ownership and extra space to expand the business in the future. We are thrilled to be part of their success.”
“We loved working with Cara from Capital Access Group,” said Victoria. “She put us at ease. It was a good experience.”
Victoria said it is now possible to expand and add up to 5 additional jobs in the next few years because they have an additional 3,000 square feet of space for future growth. “Our classes have expanded and we’re soon going to have to expand,” she said. The SBA loan makes that expansion possible.
About Capital Access Group:
Capital Access Group is a leading statewide Certified Development Company based in San Francisco, 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 4.35%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
Source: Capital Access Group
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