DiMartini of GNYDC closes SBA 504 loan for Metropolitan Dental Lab.

GNYDC has completed its first SBA 504 deal in Connecticut. The project, located in Milford, Connecticut provided subordinate financing for Metropolitan Dental Laboratory to expand its facilities from 2,500 to 4,800 s/f, adding ten new jobs to its existing workforce. Formed in 1998, Metropolitan is a family owned and operated business. Alexander Askalsky, his wife Helen and their daughter Angela operate the company as a dental lab, specializing in manufacture of dental implants, bridges and crowns-offering a complete line for the dental industry. The company's customers are private dental offices and dental schools. In addition to the manufacturing, Metropolitan also trains dental technicians. The Askalskys are known for being able to handle even the most difficult cases of dental reconstruction. "GNYDC, in partnership with CIT Small Business Lending, allowed Alex and Helen Askalsky to realize their dream of owning their business real estate," said Donald DiMartini, v.p. Lending & Associate Director for Economic Development, GNYDC/LIDC. "With the new headquarters, Metropolitan is now poised for even greater success and opportunity." CIT provided a senior loan with GNYDC under the SBA 504 loan programproviding the subordinate financing for a total of 90% of project cost (including acquisition, renovations and soft costs). The 504 loan was for 20 years at a low fixed rate based on 10 year treasury rates. "This is an example of a solid small business, achieving success and growing in the community with the help of SBA 504 financing," said Douglas Asofsky, GNYDC chairman. "These are the types of businesses we want in our community; hiring high skilled people, serving a real need, and solidifying their presence with real estate ownership." For information about the SBA 504 loan program for small businesses acquiring and/or renovating their own facilities- see www.gnydc.org.