Success Story for:
Beth and Jay Adams of Briarcliff Storage LLC
Beth and Jay Adams, owners of Briarcliff Storage, are building a residential self-storage facility in the Briarcliff neighborhood of Oak Ridge. A variety of storage sizes will be available for rent, some with climate control.
Jay has been a residential builder for over a decade, and he and Beth decided to venture into the storage business after doing extensive research and a feasibility study.
TSBDC staff at Roane State Community College met with the Adams to begin free and confidential counseling with the goal of developing a business plan for their new venture. As the planning progressed, over the time span of about one year, other questions did arise.
After a suitable property location was identified, the research kicked into higher gear. TSBDC provided access to a housing study, which was conducted by the Oak Ridge Chamber of Commerce, along with detailed demographic information about their potential target market. After a solid business plan packet and projections were finalized, TSBDC introduced the owners to an SBA 504 loan development corporation. A lender willing to work with the business had already been identified.
After joint discussions with SBA staff and representatives from the 504 lender, the Adams were able to obtain a $748,000 Small Business Administration 504 loan guarantee, along with owner investment in the amount of $308,869.35 .
They weren’t able to obtain this, right? They already had it? [JS1]
We were able to use the TSBDC for guidance on setting up our business structure and business plan. The housing studies and demographic information they provided were also key in doing our feasibility study and determining the viability of our project. We really appreciated having someone to point us in the right direction on getting loans and give us feedback on our business ideas.