Respites at Cherished Moments Craft Hideaway assisted by SBA 504
financing from First Farmers Bank and Indiana Statewide CDC
In a 120-year-old house down a lane near Kokomo resides Cherished Moments Craft Hideaway.
Owner Tresha Strunk describes Cherished Moments as a "bed and breakfast for craft projects. A relaxing place for a girls' getaway."
Strunk opened Cherished Moments after extensively renovating the house this year. First Farmers Bank and Trust Company of Kokomo and Indiana Statewide Certified Development Corporation provided financing for the project with a loan from the U.S. Small Business Administration 504 program.
The Indiana Statewide CDC works with banks around Indiana to issue SBA 504 loans. Congress created the SBA 504 program to help small businesses gain favorable financing terms and retain operating cash while expanding. Companies may buy real estate, buildings and equipment with SBA 504 financing.
Jean Wojtowicz, executive director of the Indiana Statewide CDC, says, "SBA 504 loans work because borrowing companies pay as little as 10 percent down and can gain a low, fixed interest rate for as long as 20 years. The SBA guarantees bonds that are sold to finance a portion of the loan so we can offer loan rates that are more favorable than conventional financing."
The brick, two-story farmhouse in which Cherished Moments now welcomes visitors can accommodate up to 12 guests. They enjoy home-cooked meals and work on craft and hobby projects in a large, fully equipped craft room. The comfortable furnishings throughout help guests feel right at home, according to Strunk.
Cary Mawbey of First Farmers Bank & Trust says, "Cherished Moments is a unique project and it promises to draw visitors to Howard County. Once the word gets around, we also expect that Kokomo-area women will enjoy this get-away destination close to home."
Mawbey says, "The Indiana Statewide CDC always gives us great service on our 504 projects."
Strunk adds, "The financing is a perfect option for us in opening our new business."
In 25 years, the Indiana Statewide CDC has helped create or save more than 26,000 jobs in Indiana with SBA 504 loans. A recent national study of the program said borrowing companies return $94 in tax revenue for every $1 of SBA 504 funding they receive.
The Indiana Statewide CDC is the leading provider of SBA 504 loans to small businesses in Indiana. Its loan volume annually places it among the top 10 percent of 504 lenders in the U.S.