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Smitty's Truck Wash opens with SBA 504 financing from
American Business Lending and Indiana Statewide CDC
Some very clean trucks should be rolling on I-69 now that Smitty's Truck Wash has opened at the Gas City exit.
James Smithson opened his truck wash with assistance from a U.S. Small Business Administration 504 loan provided by American Business Lending of Indianapolis and the Indiana Statewide Certified Development Corporation.
Smitty's Truck Wash features one large automatic bay for washing trucks. Seven persons are employed by the truck wash.
Smithson planned his truck wash for several years while working at a nearby electronics plant. His plan won first place in the 2006 Taylor University business plan competition.
It also impressed Mac Crawford of American Business Lending in New Palestine who says, "Smitty has a good plan that attracted some investors, and he has great enthusiasm. Smitty's that All American dream kind of guy. I don't have any doubt that he will make the truck wash work," Crawford says.
Smithson says, "We worked real hard to get this open. We had some construction delays during the winter, but now the truckers are finding us and we are off to a good start."
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.
Wojtowicz says, "Mr. Smithson is the kind of entrepreneur who makes a real difference. He plans thoroughly and takes a basic concept to the right market."
Smitty's Truck Wash is located on the west side of I-69 at exit 59. Gas City is the nearest community, just west on S.R. 22/35. Upland, the home of Taylor University, is a short drive east. I-69 is the primary Interstate between Indianapolis and Detroit.
Indiana Statewide CDC has helped create or save more than 25,000 Hoosier jobs with the SBA 504 program.
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