Tuesday, December 13, 2011

West Chester Property is Selected as Pilot Program for Bank of America Merrill Lynch SBA Financing

"Bank of America Merrill Lynch and SeedCo PA, an arm of the Chester County Economic Development Agency, and the developer, Lincoln Park Partners, L.P., announce the newly formed Preferred Lender Program to streamline the delivery of the Small Business Administration (SBA) 504 Loan Program.

The property, Lincoln Independence Park, is a reclaimed 13-acre Brownfield site in West Goshen Township that has been redeveloped as industrial flex condominiums to provide ownership opportunities for local, small businesses. The SBA 504 program offers up to 90% financing for real estate, property improvements, and business equipment and inventory.

The property was developed in an effort to provide small business owners the opportunity to own their place of business. "Real estate is a precious commodity in West Chester and Chester County. Often times, it is not economically feasible to create ownership opportunities for smaller properties. Units are available in increments of 2,700 SF with loading docks or drive-in access.

The property is also located within the Keystone Innovation Zone (KIZ), which offers tax incentives to hi-tech and bio-tech related businesses. Additionally, each unit is equipped with separate utilities and assigned parking. The flexible (flex) units are designed to be utilized as part office and part warehouse space.

The park is currently over 65% occupied with a variety of companies to include manufacturers' representatives, contractors and tradesmen, medical research, and distributors."

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