Bench-Tek Solutions Ends Leasing Headache and Gains Financial Security by Utilizing SBA 504 Program to Purchase Real Estate

After renting space in Silicon Valley, it didn’t take long for Maria Castellon, owner of Bench-Tek Solutions, to realize she needed to own her building in order for her business to succeed. In just three years, the rent on her 4,200 square foot manufacturing space went from $1,800 to $5,800. At that point, Castellon made the commitment to start saving for a building purchase. 

When she was ready, Castellon connected with Bruce Whitaker, senior vice president of TMC Financing, the No. 1 provider of SBA 504 commercial real estate financing in California and Nevada. Whitaker guided Castellon through the SBA 504 loan process and helped her secure financing to purchase the property located at 519 Aldo in Santa Clara. 

I wanted to keep cash on hand so I was thrilled to learn I only needed to put 10% down with the 504 Loan Program,” said Castellon. The process was so easy and smooth, I knew I’d return to TMC again- and five years later, that’s exactly what we did.” 

Whitaker facilitated Castellon’s 2nd 504 loan to purchase and expand into the building adjacent to theirs at 517 Aldo Ave at the end of 2019. By utilizing the 504 Program again, they were able to purchase the $1,730,000 building with 10% down and a below-market interest rate, fixed for 20 years. 

“Utilizing the SBA 504 Program for multiple projects is a smart way to go,” explains Whitaker. “Unlike other industries, manufacturers such as Bench-Tek have no limit on the number of 504 loans they can take out. This borrowing power can amplify a business’ growth.”  

Bench-Tek Solutions designs and manufactures custom workspace solutions for businesses nationwide. Their customers are from industries ranging from manufacturing to education to biotechnology. Owned and operated by siblings Maria and Jorge Castellon, Bench-Tek prioritizes customer service and aims to achieve a positive and long-lasting relationship with their customers.

“I have always wanted to create a company where I would want to work,” explains Castellon. “It’s important for my employees to feel supported, included, and safe. I wanted to purchase a building not only for the success of the company – but for the success and stability of my employees as well.  

“I started Bench-Tek from my home. I was a young Latina woman who had to go to several banks just to get a line of credit. We’ve come a long way and we’re all so proud. We’ve built a solid business by having a solid home. 

 

Read the full Press Release.