GPM Landscape's Journey to Property Ownership Through SBA Financing
GPM Landscape's Journey to Property Ownership
Every entrepreneurial journey begins with a dream, and for Cameron Chandler, that dream was to build a successful commercial landscaping business. What started as mowing lawns in high school turned into GPM Landscape, Inc., a thriving enterprise employing 130 people.
A Modest Start Leading to Growth
GPM originated in 2000 as a part-time venture. By 2003, Cameron had formalized and officially licensed the business, which now excels in designing, installing, and maintaining beautiful grass and floral landscapes for residential complexes. The reputation built over decades has established GPM as a leader in landscape services.
Over the years, GPM expanded its operations not just in terms of staff but also through various relocations to accommodate growth and operational needs. This expansion reflects the increasing demand for their exceptional services in the greater area.
Challenges and Triumphs of Seeking Property
Cameron had a dream of owning a commercial property for GPM but faced many challenges in the pursuit. "I had been searching for a suitable property for about five to six years," says Cameron. The market was challenging, and with rising prices, the quest felt overwhelming at times. Yet, Cameron's determination remained steadfast, demonstrating the typical resilience demanded of small business owners.
Finally, he found the perfect property, a moment he describes as serendipitous, believing they missed out on previous opportunities for a reason. With luck on his side, the next hurdle was securing financing to make the dreams a reality.
Funding the Dream with SBA 504 Loans
Cameron turned to an SBA 504 loan in partnership with TMC Financing and Bell Bank. These loans are specifically designed for acquiring commercial real estate, offering below-market, long-term fixed rates, which can be a game-changer for small businesses.
Highlighting the importance of a good banking relationship, he credits his representative at Bell Bank, Rhonda Scarfo, for guiding him toward the SBA 504 program. “She's always had my best interests at heart,” he reflects.
Benefits of Property Ownership
With the SBA 504 loan, Cameron was able to navigate the complexities of property ownership effectively. The process involved only a modest down payment of 10%, a crucial factor considering Cameron had been leasing a property for two decades. GPM’s growth justified this significant leap, making the acquisition an essential strategic move.
Having the property means GPM now enjoys stability, predictable occupancy costs, and tax benefits that come from ownership. Cameron appreciates that while his mortgage is slightly higher than his previous lease, the operational benefits outweigh these costs.
According to Chris Bane, a TMC business development officer, "For GPM and Cameron, owning their own property was not just a step forward; it was the right step for their growing business. It was a pleasure to assist them in achieving this goal."
The Path Forward with Ownership
Cameron’s journey is a testament to perseverance and teamwork. Despite the hurdles, it's clear that a supportive network can transform aspirations into reality. He emphasizes, “The SBA 504 program allowed me to realize my goal of property ownership, and I'm grateful for all the help along the way.”
Property ownership opens doors for GPM, enabling better resource management, and building equity — a financial cushion that many small businesses strive for but find challenging to attain. This story not only sheds light on Cameron's accomplishments but serves as an inspiration to other entrepreneurs aiming for similar success.
Frequently Asked Questions
What is GPM Landscape, Inc.?
GPM Landscape, Inc. is a commercial landscaping business founded by Cameron Chandler, specializing in residential landscape design and maintenance.
How did Cameron finance his property purchase?
Cameron secured an SBA 504 loan in partnership with TMC Financing and Bell Bank, facilitating the purchase of a commercial property for GPM.
What are SBA 504 loans used for?
SBA 504 loans are designed to help small businesses acquire commercial real estate and fixed assets at below-market, long-term rates.
What benefits does property ownership provide to GPM?
Owning property provides GPM with stability, predictable occupancy costs, tax benefits, and the ability to build equity.
Why is a strong banking relationship important for small businesses?
A strong banking relationship can provide small business owners with valuable advice, support, and access to financing options that meet their specific needs.
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