Entrepreneurs Timbrel and Scott Wallace of Gettysburg tap into low-interest SBA 504 loan program
GETTYSBURG, PA (January 10, 2023)–Adams Economic Alliance officials facilitated a $428,000 Small Business Administration (SBA) 504 loan, which allowed Gettysburg small business owners Timbrel and Scott Wallace to purchase the 1800s-era property at 17 Lincoln Square which houses their popular business, Lark – A Modern Marketplace.
“The Alliance salutes the Wallaces for their entrepreneurial spirit, which adds to the vitality of downtown Gettysburg, as well as Adams County,” said Robin Fitzpatrick, Alliance president. “We know that small businesses have a huge and wonderful impact on our local and state economies—in fact, for every $100 spent at a small business, studies show that $48 goes back into the local economy. Any time our organization can assist and support Adams County entrepreneurs, it’s a win-win for business owners and the entire community alike.”
In addition to Lark, the property at 17 Lincoln Square also houses tenants Gettysburg Baking Company, nonprofit arts organization Waldo’s & Company and two apartments. Since founding Lark, the Wallaces have launched two additional Gettysburg businesses, the youth-driven game shop Nerd Herd Gifts & Games and guy gift shop Oh, Man! Lark, currently in its 11th year in business, features home décor, artwork, jewelry, candles and unique, hand-crafted products.
“When Timbrel and I think about it on a personal level, we’re securing our future with the purchase of this property,” said Scott Wallace. “And because the SBA loan requires a smaller down payment, it frees up capital to expand our business in other ways—making the process much more affordable and less risky for us.”
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.
This marks the ninth SBA 504 loan that the Alliance has processed since 2019, through their partnership with EDC Finance Corporation of Lancaster. Previous SBA 504 loans helped:
• Environmental testing company Laboratory, Analytical & Biological Services (LABS) of New Oxford move from East Berlin and renovate its new facility
• A series of expansions at Precision Cut Industries, Conewago Township, one of the largest laser-cutting contract manufacturing facilities on the East Coast
• Shoe Orthodontics, Hanover, to recently expand and renovate their practice
“The unique formula of the SBA 504 loan program makes it advantageous,” said Kaycee Kemper, Alliance Vice President. “It allows businesses the ability to borrow up to 90% of the loan amount, combined with low interest rates, so that all the partners—the business, lenders and community—have every chance at future success.”
The Wallaces purchased the property at 17 Lincoln Square through their Wallace Real Estate Group LLC, with banking partner PNC Bank. For more information on Lark, see larkgifts.com.
Adams County businesses interested in the SBA 504 or additional loan programs should contact Kaycee Kemper at Adams Economic Alliance (717-334-0042, extension 2). Programs are available across a wide variety of industries, including Adams County’s three primary industries—agriculture, tourism and manufacturing.
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 on the Alliance, see adamsalliance.org, or follow Adams Economic Alliance on LinkedIn, Facebook or Twitter.
MEDIA CONTACT: KAREN HENDRICKS / HENDRICKS COMMUNICATIONS / 717-253-3553