LOAN OVERVIEW

Borrower: Pete’s Mobile Auto & Truck Repairs, LLC
Loan Amount: $112,000
Location: Columbia, SC
Project Type: Community Business

SITUATION

An older repair shop in Columbia’s Percival Road community has remained an eyesore to residents after falling into disrepair and shuttering its doors over a year ago. The closing of this facility left the community without a full-service automotive repair shop.

Meanwhile, Pete’s Auto & Truck Repairs, LLC, a South Carolina Department of Transportation (SCDOT) certified Disadvantaged Business Enterprise (DBE) was leasing a building in the Columbia area but the owners had a dream of purchasing their own shop. Once Pete’s owners Melvin & Sandra Wells discovered the Percival Road site, they sought to leverage Mr. Wells’ 40 years of experience in the automotive repair industry to attract the financing to purchase and renovate the shop.

SOLUTION

The Wells approached SCCLF seeking a $112,000 loan for the purchase and renovation of the Percival Road garage for their auto repair shop. While the company lacked the comprehensive financial statements needed to be approved for a loan, SCCLF recognized the significance of the loan to both the minority-owned business and the surrounding community. So rather than turning them away, the SCCLF lending team worked with the Wells, explaining the importance of having financial statements for their business and talking them through the process of completing them.

SCCLF referred the Wells to their local SBDC where they were able to receive support and assistance in the preparation of the necessary financial statements from start to finish. After a few months of technical assistance, SCCLF was able to approve the Wells’ request for a loan.

IMPACT

Purchasing this building will allow the Wells to restore the abandoned space to its original glory and serve the surrounding community. Additionally, the purchase of this space by Pete’s affords Mr. and Mrs. Wells the opportunity to own their space.

Through this new venture, Pete’s Auto Mobile will provide four additional jobs in the highly specialized field of automotive and freight truck service and repair to residents in the local community. The training and certifications offered through employment with Pete’s will provide these individuals with the ability to support their families with livable wages and prospects for career development and advancement.