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Riggs Mower Expansion Made Possible With the SBA 504 CDC Loan Program

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Written by U.S. Small Business Administration   

riggs-sbaRiggs Mower and More Inc. had its best year in 30 years of business in 2010 even during our economic challenges with the help of the U.S. Small Business Administration (SBA), Business Development Corporation (BDC) and Centier Bank. In 2006, using the $408,000 SBA 504 Certified Development Company (CDC) loan it received, Riggs Mower and More bought property to construct its third store in Mishawaka, Indiana.

Rigg’s locations are full-service outdoor power equipment, parts and service stores. Tom Rigg opened the first location in 1981. In 2003, after opening stores in Valparaiso and La Porte, Rigg went into partnership with Geoff Blanco. Blanco moved to the area, bought a mower from Rigg and the rest is history. Blanco developed a geographic diversity strategy to determine growth areas for the company, which resulted in the opening of the Mishawaka and Lafayette locations.

As Blanco researched financing options for the expansion, he found information on the SBA website explaining the guaranty loan programs and other resources that were available. Blanco went to several community banks before the company received financing. “If it had not been for the SBA and the BDC the third store would not have been possible,” said Blanco. A fourth location has since opened in Lafayette.

As the company grew and expanded it began to add larger equipment such as excavators and track loaders. As services offered increased, the stores name changed for marketing purposes to “Riggs Outdoor Power Equipment” which better represented the products and services offered. The company currently employs about 30 people.

The SBA 504 CDC Loan Program provides opportunities for businesses to purchase or construct facilities and to buy major equipment. This Federal loan guaranty program is designed to assist economic development through the creation and retention of jobs in our Indiana communities. For information about SBA loan programs, contact the Indiana District Office at (317) 226-7272 or visit the web site at www.sba.gov/in.
 

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