Custom car biz credits state loan program for growth
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Muscle car enthusiast and Snakepit Customs owner Damon Sturrock has moved his hotrod and custom car business into a larger facility in Clermont with the help of a state loan program that supports small businesses. Snakepit Customs’ new home is partially financed by a loan from the U.S. Small Business Administration’s 504 program.
The loan is administered through First Bank Richmond and Indiana Statewide Certified Development Corp.
Sturrock started in Snakepit in 2013 in leased space in Clermont. He and his crew of four preserve cars and trucks from the 1950’s through the 80’s.
“We restore old cars and trucks with a modern flare. Our specialties include custom metal work, fabrication and metal shaping,” Sturrock said.
With the new funding, he purchased the bigger building and intends to grow staff, adding three or more workers. He says the company needs to catch up with a two-year waitlist. He credits the loan program.
“The SBA 504 loan helped me secure the building so Snakepit Customs has a permanent location, and it is helping me get my bills under control. My mortgage is now less than I was paying in rent. I will also be building equity as opposed to giving my money away,” said Sturrock.
Indiana Statewide CDC works with local Indiana lenders to provide SBA 504 loans to help small businesses buy real estate, buildings and equipment.
SBA 504 loans generally allow borrowers to pay a below-market down payment and repay the loan with a fixed low, long-term interest rate.
“Snakepit Customs is an ideal candidate for the SBA 504 program. The 504 loan enables Damon to purchase a building to expand his small business while preserving liquidity for growing the business,” said Melissa Matney of First Bank Richmond.
Clermont is also home to Lucas Oil Raceway. Sturrock says his business matches the “racing vibe” of the community.
