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  Business was good for Presstige Cleaners, a neighborhood general dry cleaner in Kew Gardens. Owner Steven Klebanow, however, had an ambitious vision for the future. He wanted to expand his specialty restoration cleaning service into an exciting new area. After 9/11, the market for restoration services to treat smoke-damaged items was growing rapidly. Klebanow recognized that his storefront facility was too small, and his existing equipment too limited, to allow the expansion he envisioned. He needed more space, equipment and people. And he needed financing to pull it all together. Klebanow's accountant, Adam Hoffman, introduced him to William Stephens at JPMorgan Chase Bank, who saw the expansion project as ideal for U.S. Small Business Administration (SBA) 504 real estate financing. Stephens brought in Vice President James Goldrick and Assistant Vice President Richard Amsterdam of Empire State CDC: The 504 Company, and the lenders partnered. The 504 Company provided a 504 loan of $358,000, and the bank provided the first mortgage of $432,500. "My industry is very difficult," Klebanow says, citing new regulatory restrictions that will require all dry cleaners to operate in free-standing buildings by 2010. "Without everybody cooperating, this would not have worked. "Rich and Jim were instrumental in walking me through the entire process and making it very, very easy for me," he continues. "They were able to grasp what I was doing and get me to the next level. It was a perfect situation for me. From one to five, the experience was a five. Rich and Jim did a terrific job. It gave me a really good feeling to know I had such good people working for me." Klebanow found a former fish wholesaler a few blocks from JFK International Airport and gutted the 5,600-square-foot building, filling five 30-yard dumpsters with debris. He installed new mechanical systems and specialty dry cleaning equipment to treat smoke damage. He was able to afford the new equipment because the financing package required only a 10 percent down payment. Locating in an Empire Zone also provided tax relief, employee benefit relief for each added worker and utility discounts. Klebanow still runs his core business, which serves Manhattan hotels and provides uniforms for security staff and doormen at 100 office buildings. But now he also has a bustling new Jamaica, Queens location, where he has hired several additional people, installed new specialty equipment for restoration work and expanded his service territory into Bergen County, N.J. |
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New York Business Development Corporation (NYBDC) Empire State CDC: The 504 Company Statewide Zone Capital Corporation (SZCC) Corporate Headquarters: 50 Beaver Street, Albany, NY 12207 1-800-9-BDC-504 - www.nybdc.com Our Success is Your Success - The process is easy; the possibilities are endless. |
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