34th Street Small Business Opportunities - KCBD NewsChannel 11 Lubbock

10/3/05

34th Street Small Business Opportunities

The Small Business Administration, (SBA) and American State Bank has already helped five small businesses on 34th Street to expand into something more appealing. It is the dream for city leaders and business owners along 34th Street.

"I'd love to see 34th Street revitalized, see businesses grow and thrive and keeping the center of Lubbock strong," said Carol Nebb, owner of Well Body.

She has been the owner of Well Body for seven years.   "We draw from all over Lubbock and all over the South Plains areas as well as New Mexico," said Carol.

A federal loan called the "504" commercial mortgage loan program helped Carol move into a brand new building just adjacent to her old one.  It is twice the size.

This is the fifth most recent project on 34th Street like this. City planners feel the "504" is one of many components to help 34th Street revitalize.

The program works like this:  a private lender, typically a bank, funds 50% of the business. The SBA funds 40%, and the borrower funds only 10%.

Congressman Randy Neugebauer supports the "504." "In a former life, I was a small business," said the Congressman during a new conference on Monday. He says he works on Capital Hill for small businesses because he says programs that help businesses thrive, keep our community strong.

For Carol,  the "504" not only gave her business a new facelift, "business is thriving," said Carol.

The 34th Street revitalization project is still in its planning phase.  A Texas Tech architect is working on street scaping plans which includes making 34th Street more attractive.

In an effort to draw more patrons, 34th street businesses will have a Christmas parade on December 10th.  

If you are interested in the "504" call Caprock Business Finance Corporation at (806) 762-8721.

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