Written by Sabrena Suite-Mangum
It’s coming: the flowers, the greeting cards and Cupid.
Valentine’s Day is less than a week away, and for Joe Whaley, owner of Chocolate
Works, a Valley Stream, New York business that produces gourmet
homemade chocolates and confectionary delights – it’s "go" time!
And while it’s easy to associate chocolate with February 14th, Chocolate Works has its own unique tale of love – and that’s love
of country as Whaley is also a Veteran of the US Army.
After serving a tour in Iraq, he took over the business from
his father (also a Veteran). As is the case for so many of our Nation’s Heroes,
working capital can be an issue. Fortunately, Whaley could and did take
advantage of the VetLoan Advantage Program – an initiative though NADCO and the
Small Business Administration to helps Veterans get the financing they need for
small business ownership through the Community Advantage Program and The Real
Estate Advantage (504) Loan.
The SBA Community Advantage Program
offers working capital loans of up to $250,000 for qualified borrowers. Through
VetLoan Advantage, discounts and cash rebates of up to $5,000 are available. The
REAL 504 Program provides up to 90%
financing for owner-user commercial/industrial real estate. In addition to a
low down payment (typically 10%), borrowers can take advantage of long-term
fixed rates. In conjunction with the REAL 504, Veteran-owned businesses can
take advantage of VetLoan Advantage discounts and rebates worth up to $20,000.
Borrowers and interested businesses can check out their state specified CDC’s
(Certified Development Companies) for details on individual programs and perks
and get more information on REAL 504 and the VetLoan Advantage program here.
Also visit NYBCD’s
site for information about Chocolate Works and Whaley’s experience with the
VetLoan Advantage Program and Happy Valentine’s Day.