GETTYSBURG, PA (August 6, 2019) –Adams Economic Alliance officials announce Laboratory, Analytical & Biological Services (LABS) of New Oxford has secured a Small Business Administration (SBA) 504 loan for $338,000 which is allowing the environmental testing company to purchase and renovate an existing Adams County facility, plus purchase updated equipment.
Formerly located in East Berlin, and founded more than 20 years ago, LABS is one of the leading environmental testing companies in Pennsylvania. The company performs water testing services for municipalities, commercial businesses, new construction, well drillers, home inspectors and realtors, as well as individual homeowners, in both Pennsylvania and Maryland.
“The loan means continued growth for our business, in terms of additional services, additional employees, and newer high-tech equipment which translates into faster results for our clients and overall, a more economical process for our technicians and company,” said Fred Richstien II, owner and co-founder of LABS.
LABS purchased the former Interstate Paving facility located in the Conewago Business Park, New Oxford.
“This is the first SBA 504 loan we’ve processed in Adams County through our partnership with EDC Finance Corporation of Lancaster, so it’s very exciting,” said Kaycee Kemper, Alliance Vice President. “The beauty of this program is that it requires 10% equity; with the remainder of the financing split between the SBA 504 loan at 40%; and the bank—in this case loan partner Adams County National Bank—at 50%. That’s the typical structure.”
The federally-funded SBA 504 loan program offers 10, 20 or 25-year terms with fixed rates lower than conventional rates, that can be applied to real estate, machinery and equipment purchases.
Kemper says the total cost of LABS’ project including the property’s purchase plus the SBA 504 loan is $845,000.
“Certainly the redevelopment of existing Adams County properties is one of our priorities. This particular property appraised well and presented a golden opportunity for LABS,” said Kemper.
LABS currently tests between 1,500 and 1,800 water samples per week. There are 13 employees but that number will rise to 15 by the end of the year.
“I definitely recommend the SBA 504 program to other Adams County businesses,” Richstien said. “The networking and support of everyone involved in the process was incredible, from ACNB Bank to Adams Economic Alliance to the EDC Finance Corporation of Lancaster County where many South Central Pennsylvania SBA 504 loans are processed.”
Adams County businesses interested in SBA 504 or additional loan programs should contact Kaycee Kemper at Adams Economic Alliance (717-334-0042, extension 2).
It is the mission of the Adams Economic Alliance to develop and implement creative community-based strategies to enhance economic opportunity and foster a dynamic framework for balanced growth and development through the Adams County Economic Development Corporation, Adams County Industrial Development Authority and Adams County General Authority. For more information, see adamsalliance.org, or follow the Alliance on Twitter (@AdamsAlliance), Facebook (Facebook.com/AdamsAlliance) and LinkedIn (Adams Economic Alliance).
MEDIA CONTACT: KAREN HENDRICKS / HENDRICKS COMMUNICATIONS / 717-253-3553