Featured CIC Borrower Businesses
D'Amato Builders + Advisors
$1,200,000 SBA 504 Project
40 Connecticut Avenue, Norwich CT
D’Amato Builders + Advisors is using technology and innovation to meet the challenging needs of today’s construction market. CIC and Chelsea Groton Bank worked together to help the D'Amato team purchase land and a building in which to house their company's headquarters.
(Photo right: A completed project at Yale University, courtesy D'Amato Builders + Advisors)
New Image Auto and the CIC Advantage
$424,000 SBA 504 Project
Everyone needs a good mechanic. Despite new technologies and advances in automotive production, stuff goes awry. All kinds of stuff. You just never know what it’s going to be: a tire, the ac, electrical system, or some mystery issue. That’s when it’s important to have a full service auto repair business in your Contacts list.
Jeremy and Michelle Adametz are the new owners of New Image Auto in Higganum, Connecticut. With the help of a SBA 504 loan from CIC and Webster Bank, the Adametzes were able to purchase and renovate their shop, as well as invest in the latest and most advanced equipment for their business.
What was the CIC advantage in this project? We helped the business owners preserve 5% of their equity during the loan process. You see, their building contains an emissions testing bay that uses in-floor rollers, making it one of the few locations that can test cars like Corvettes. CIC made sure that the SBA understood that the roller system did not make the building “special use”, saving New Image from having to come up with an additional 5% in equity.
For more about New Image Auto, click here.
For information about how SBA 504 loans can save you money, contact a CIC lending officer.
Artic Tool and Engineering Co.
$1,300,000 SBA 504 Project
One company in particular, Artic Tool and Engineering Company, produces machined and stamped parts, as well as finished assemblies, for a wide range of applications, including components used in the construction, medical, fastening, appliance, and electronics industries. Artic Tool, a qualified subcontractor for the U.S. Department of Defense, became a subsidiary of The Carlyle Johnson Machine Company in 2009.
CIC, Webster Bank, and Rhode Island Commerce Corporation funded much of the equipment in Artic Tool’s press room. The equipment allows Artic to die-cut flexible metal screen, stamp complex steel parts, and produce custom designs at high capacity, while the company’s tool room enables them to handle smaller prototype orders. This kind of flexibility is critical to the infrastructure of American manufacturing companies today. CIC is proud to help support the continued growth and success of Carlyle Johnson/Artic Tool.
M. Weisman Roofing Co., Inc.
$1,050,000 SBA 504 Project
Eric Mounsey is the President and sole owner of Weisman Roofing, a leader in the Rhode Island roofing industry. Eric has been with the company since 2010, and was personally selected to succeed the company’s namesake and founder, Leslie Weisman.
Together with Bank RI, CIC provided funding, in the form of an SBA 504 loan, to Mr. Mounsey so he could purchase and renovate a new facility for his company.
The new location in Cumberland, Rhode Island, not only provides additional space, but is closer to the Massachusetts market, which is an important part of the company’s competitive strategy. Travel costs to customers over the state line have been prohibitive of growth. The move to Cumberland will allow the company to be more competitive with pricing.
$124,000 Community Advantage Loan
Brewery Legitimus is a brand new craft brewery that began with the help of a Community Advantage loan. Set in the beautiful Connecticut Farmington Valley, the brewery's goal is to provide craft beer drinkers with innovative, artisan Belgian and American craft beers. Read about it in the Register Citizen.
CIC sends our sincere thanks to Gerson DaSilva of Webster Bank, for referring this project and introducing us to the brewery's founder, Chris Sayer.
Kre8art Studio, LLC
Kre8art Studio LLC is a brand new paint-it-yourself pottery, glass fusion and art studio located in Monroe, CT. Business owner, Cynthia, brings a ton of experience and artistry to Kre8art. She was a dual major at the University of Connecticut, with degrees in Communications and Fine Arts, and spent the last twenty years as an art director.
The studio offers several kinds of activities, plus lots of fun group events centered around the creative arts. It is especially nice that you can walk in, pick a piece of pottery, and start creating something fabulous right away.
Community Investment Corporation and ION Bank Support Valentin Karate with a $338,000 SBA 504 Loan
Hamden, CT November 23, 2015 – United States Veteran, Efrain Valentin, has been heavily involved in his community for over 25 years. As the owner of Valentin Karate, he runs his acclaimed martial arts program in Meriden and its surrounding communities in Connecticut. Instilling values like respect, self-discipline, patience, and responsibility is the overarching mission of his school.
Efrain started his business back in 1989 in a small studio in Meriden. The program grew quickly, moving into larger facilities and spanning three towns. Today, Valentin Karate serves more than 400 active students.
In a smart business move that would provide better service to his customers and his community, Efrain decided to purchase a building in Meriden that would accommodate all of the businesses’s classes, students, and community programs. Plus, the consolidated space will allow the business to operate more efficiently, increasing profitably and likelihood for long-term success.
CIC and ION Bank partnered on a SBA 504 loan to provide the funds necessary for Efrain to purchase his new facility.
Splash Guard Oil Deflector Shield, $30,000 MICROLOAN
"OW! Why does changing my engine oil have to be so hot and messy?"
Community Investment Corporation funded a $30,000 MicroLoan for the design, packaging, and prototype creation of his invention.
Addaero Manufacturing, $1,100,000 SBA 504 Project
New Britain, CT
Addaero Manufacturing is a new company offering 3-D manufacturing services and titanium metal parts for engines used in the aerospace industry. Together with Webster Bank, Community Investment Corporation helped fund a $1,100,000 SBA 504 loan for the purchase of highly specialized equipment that will make three-dimensional solid objects of virtually any shape from a digital model.
The company founders, Richard Merlino and Cesar Terrazas Najera, are both experts in engineering with advanced degrees and first-hand experience in their industry.
Haylon's Market, $122,000 Community Advantage Project
Deke Haylon, proprietor of the soon to open Haylon's Market, used a $122,000 Community Advantage loan for the build-out of space and the purchase of equipment for Haylon's Market in Niantic.
Haylon's Market provides freshly made meals for breakfast, lunch, and dinner - all available to take home. For customers who appreciate having fresh flavorful meals prepared for them, Haylon's is a great alternative to a messy kitchen or the same tired food choices. In addition to offering take-home meals, catering services will be offered by request.
Deke Haylon is no stranger to the food business. With 30 years of food service experience and private chef engagements for the likes of Joan Rivers and Donald Trump, so expect amazing creations from this talented chef!
Fully Rooted, $30,000 MicroLoan Project
Fully Rooted, Inc. is one of our newest MicroLoan borrowers, and quite frankly, a genius little company making delicious, cold-pressed juices. The genius comes from the masterful mixing of fresh produce, beautifully balanced flavors, and the health benefits of a product that remains free preservatives, chemicals and extra sugars.
CIC is an economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need more power to grow them.