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Drury Mortuary opens in Lebanon with SBA 504 financing from
First Farmer's Bank and Indiana Statewide CDC
Lebanon natives Matthew and Elizabeth Drury are returning to their hometown to open Drury and Leppert Mortuary & Crematory in the former Godby Furniture building at 2400 N. Lebanon Street.
The Drurys purchased the building and converted into a modern, 14,000 square-foot funeral home. The chapel is 4,500 square feet and can be divided into smaller rooms to accommodate services of various sizes. Business financing for the project came from the U.S. Small Business Administration 504 loan program provided by First Farmer's Bank & Trust and the Indiana Statewide Certified Development Corporation.
Though Matthew Drury is a first-time business owner, he has worked in the funeral industry in Texas, Florida and Indiana. The past several years, Drury managed the Leppert Mortuary in Carmel. The owner of that business, John Leppert, is assisting Drury with the Lebanon project.
"Thanks to the Leppert family and the SBA, First Farmer's and the Indiana Statewide CDC, my dream is coming true," says Drury.
Indiana Statewide CDC and local lenders provide the SBA 504 loans. Congress created the SBA 504 program to help small businesses gain favorable financing terms and retain operating cash while expanding.
"The SBA guarantees bonds that are sold to finance a portion of the loan so we can offer a low, fixed interest rate for as long as 20 years," says Jean Wojtowicz, executive director of the Indiana Statewide CDC. "The guarantee also allows borrowers to pay as little as ten percent down," she adds.
Cary Mawbey of First Farmer's Bank & Trust, says: "Matthew Drury has extensive experience in the funeral industry and is ready to start out on his own. He is ideal for the SBA 504 program because he has a good business plan but is short on capital to get it started without the help of SBA 504 financing."
Drury and Leppert Mortuary is equipped with DVD equipment, projector and technicians so that families may honor the life of their loved one with a service as unique as the individual.
"The emphasis is on the life this person lived," says Drury.
"Our motto reflects the type of services we intend to offer the families of our community: 'A modern concept of service with traditional values.'"
Drury adds, "No two people are alike, so why should all funerals be the same?"
Drury graduated from Lebanon High School in 1991. He gradated from the Pittsburgh Institute of Mortuary Science and worked for two large funeral corporations in Florida: Houston-based Service Corporation International and Fred Hunter Funeral Homes. SCI is the world's largest funeral corporation and Hunter is one of the biggest family-owned firms.
Drury was appointed to the Indiana State Board of Funeral and Cemetery Services in 2003 and currently is ending a two-year term as vice-chairman of the board.
Indiana Statewide CDC has helped create or save more than 25,000 Hoosier jobs with the SBA 504 program.
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