EDYopp Properties Purchases A Real Estate Asset Using an SBA 7(a) Loan
EDYopp Properties is a North Carolina realty agency with a rich family history. Everett “Doug” Yopp established EDYopp in 2017 to “reestablish” the realty agency that was originally owned by his grandfather that served the same communities in North Carolina. Doug built the agency around principles of accountability to clients and strong service, mimicking the excellent service his grandfather would provide the community. To increase assets and reduce costs, Doug was interested in purchasing the building where his company had office space. In order to purchase this building and cover all of the associated costs, Doug obtained an SBA 7(a) loan. This loan gave EDYopp Properties the capital it needed to purchase an asset that is poised to grow with real estate values increasing in the area. In addition, the 25-year term aspect of the loan available through the 7(a) Program resulted in a low monthly payment and conversation of cash flow for the business.
“Working with West Town Bank was an incredible experience. They presented options other lenders didn’t, which really made me feel confident about the product we used and the decision to buy. The team was there keeping me updated throughout the process and have been a great resource when needed after closing. They couldn’t have handled things better and I would highly recommend them to anyone.”
– Doug Yopp, Owner
Hemp Hop Receives Affordable Working Capital Through an SBA Loan
Hemp Hop, located in Charlotte, North Carolina, is a retailer and wholesaler of hemp and various hemp-related products for personal health and medical use. The Company sells a variety of hemp flower, concentrates, edibles, pet products and self-care products, such as balms and oils. Hemp Hop was founded in 2018 and quickly became a popular brand in the industry. Given their recent success and the opportunity they saw in the industry, Hemp Hop wanted to begin expanding its operations. To accomplish this, they took out an SBA 7(a) loan through West Town Bank & Trust. Proceeds from the loan were used to purchase an office warehouse and provide working capital, giving Hemp Hop the resources needed to scale their fast-growing business effectively.
“It is hard to find the words to express the amount of gratitude I have for the team at West Town Bank & Trust. With experience in both SBA lending and the hemp industry, they were able to present creative ideas and solutions tailored to our unique financial needs. Not only are they well-versed in these areas, but they are also highly responsive, friendly, and professional, just about everything you could ask for in a bank.”
– Jordan Hall, CEO & Owner
May Global Business Group Refinances Debt using a Low Interest Rate SBA Loan
May Global Business Group is a consulting and trading company in the specialty metals industry. The Company offers consulting services related to the silicon metal industry, while also buying and selling metal materials to customers around the world. Prior to engaging West Town Bank & Trust, May Global Business Group had two outstanding loans, both with interest rates exceeding 20%. In order to consolidate this debt and secure a lower monthly rate, May Global Business Group received an SBA 7(a) loan that offered them a substantially lower interest rate. Reducing their loan interest expense allowed them to improve cash flow and increase their bottom line.
“We loved the fully digitized application and prescreening process through West Town Bank & Trust. With Matt readily available to answer our questions along the way, it was a well-balanced process with both a personal touch and technology enabled experience.”
– Jim May, Founder and CEO