Gwinnett School of Music and Dance Grows With Renasant’s Help
It was 2008 when Kelly Bowlin began to explore the idea of renovating the historic livery stable on the backside of his music school in Grayson, Georgia into a dance studio and special events facility.
The building featured beautiful stonework and a rustic feel that could easily be converted into a functional space for the dance school. He had no trouble getting a loan for his project. But, when the great recession hit, the plans he had were quickly put on hold.
Bowlin decided to relocate the studio he had in mind to a nearby leased facility for the time being. There he was able to build up his client base, and establish the school as one of the premier dance studios in the county. After a couple of years in the shopping center, he decided it was time to revisit his dream of renovating the stable for the school. However, this time around, there was a new set of obstacles to overcome.
At that point, Bowlin found it difficult to convince his current lender to fund the project. Despite his growing success amongst the community, big banks were hesitant to invest in his vision for the project. That is when he was referred to Renasant Bank’s SBA Lending Specialist Melanie Brown.
Brown saw the potential the new facility held for both the dance school as well as for a community event space. She was able to negotiate a release price for the property with the previous lender and secured an SBA loan to fully finance the renovations.
The facility is currently being financed through a 25-year fully-amortizing loan. Bowlin had to inject only 10% into the expansion project, and Renasant provided him with a 10-month interest-only period during his time of construction.
The new facility is now open and according to Bowlin “his dream of 10 years is now a reality thanks to Melanie’s years of experience and tenacity”. To learn more about Renasant’s SBA loan offerings or how our services can help your business grow, give Melanie Brown a call or stop by one of our locations to speak with a lending officer.