Warner Bodies opens new manufacturing plant with SBA 504 financing
from Community Bank and Indiana Statewide CDC
New manufacturing jobs have been added to Noblesville's economy as Warner Bodies opens an expanded plant to add a product line from a company it purchased earlier this year.
Warner Bodies bought the fabrication division of Metro Products of Indianapolis, which handles small and medium volume subcontracting work for several companies. Included in the purchase was Metro's Langsenkamp division of food processing, chemical and pharmaceutical equipment.
Fifteen employees from Metro are joining the 80 employees already at Warner Bodies.
To accommodate the new employees and their CNC turret presses, laser and other fabrication equipment, Warner Bodies built a new 30,000 square foot production facility next to its longtime plant on Noblesville’s south side.
Warner Bodies manufactures utility bodies, trailer-towing haulers and fire and rescue trucks. It was founded in 1939.
Community Bank of Noblesville and Indiana Statewide Certified Development Corporation are providing business expansion financing from the SBA 504 program to help build the new plant and move the equipment.
Warner Bodies President Mark Boice says, "The acquisition provides our truck manufacturing division with state-of-the-art manufacturing equipment and experienced employees."
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.
Boice says, "The 504 financing is a perfect fit for us. We like it because of the terms and interest. And Community Bank and the CDC accomplished the process much faster than I thought possible."
Jerry Deering of Community Bank says, "We recommended Warner Bodies for SBA 504 financing because it helps the company and it increases the security of the bank in the transaction."