Acra Industries, Inc. Needed Financing to Expand
Dharmesh David Patel has been well-versed in the mechanical engineering industry for as long as he can remember. After starting Acra Industries and expanding it into a metal fabrication business in 2006, David and his wife found themselves to be truly living the business dream. They were working and operating in an industry that they knew and loved, and business was thriving. It wasn’t until close to 15 years later, however, that David started to consider making a few changes…
- Loan Purpose: Purchase of real estate and renovations
- Third-Party Lender: CIT Bank
- Industry: Fabrication and Metal Coating
- Location: Riverside, CA Project
- Cost: $821,000 Property: 4,000 square feet
- Jobs Created: 4
Acra Industries is an established construction and engineering company that provides and specializes in a wide variety of services. From stut channel, nut & bolt, sheet metal, welding, and electropolish, to plating, gain finishing, deep galvanizing, and anodizing, the company aims to serve as a “one-stop shop” for any major construction and engineering projects. To provide these needs, Acra Industries was operating out of two separate locations in Ontario, California. Still, the company was bursting at the seams.
“I knew we needed to remodel so we could increase our revenues, hire additional employees, and better serve our customers, but we didn’t have the money to finance this expansion.”
Major changes were made to Acra Industries when David’s financial consultant introduced him to AmPac Business Capital and the SBA 504 loan program. Through this program, David was able to purchase a 4,000 square foot additional space for Acra Industries to call its own. “We used the SBA 504 loan because we didn’t have enough money to buy the building,” David explained.
“We had two property leases but it still wasn’t enough space…so we bought this property so we can have more materials and, ultimately, be better for our customers.”
Today in their new building, Acra Industries has been able to add a painting booth, better control the timing of their processes, offer more services for their customers such as metal fabrication, modeling, and powder coating. They continue to thrive with their additional four staff members that they hired throughout the expansion and work to offer to become the ultimate “one-stop shop” for all their customers’ needs.
For more information, visit Acra Industries website.
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