Kayla and Kaitlin’s life-long dream was to have their own Dance Studio where they could build it like Sinatra – “Their Way”! Incite Dance Center is their creation and is a space for dance education that goes beyond the physical. IDC will be a community filled with joy and the audacity to go against the grain.
Incite Dance Center opened in July 2021 in Skokie, IL and offers traditional technique classes as well as innovative programs in Choreography, Wellness, and Dance on Film to respond to our changing world.
We were able to secure an SBA 7A Loan for these two wonderful ladies to purchase the property for $550K. Included in the loan was $365K for build-out, $55K for furniture and fixtures, and $20K for working capital. This was a total loan amount of $990K. This is not an easy feet knowing that we are still in a COVID environment and this is one of the industries that were extremely affected by the shutdown!
The building also houses a swim school so they will be collecting rental income as well. This will really help with their cash-flow as they are building the business. It helps when you don’t have to pay an SBA fee currently and the first three months are on the SBA! – For a limited time through September 2021 or until the money runs out!
2 Reasons Why the SBA Loan Is the Best Deal Around in 2021!
- NO SBA FEE! (typically 3% or more of the loan amount)
- First three months of your loan are actually paid for by the SBA directly! They don’t tack it on to the end or modify the loan in any way. They just make the first three payments for you…No questions Asked!