After two years in business, Sukhi Singh, co-owner of E&S Auto Repair in Scarborough, came to the Maine SBDC looking for help to grow his business. Him and his business partner Edwin Zukic had been working out of a leased three bay garage and were quickly running into two main problems – rent was relatively high and the business was quickly outgrowing the three bays. This prompted Singh to sit down with Business Adviser Peter Harriman to discuss how to finance the purchase of a larger garage.
Singh was able to locate a six bay garage for sale relatively close to his current business. With English as his second language and not having much experience in financing, Singh needed help putting together a comprehensive business plan to obtain a loan for the purchase. Harriman explained the various types of financing available, and that multiple sources would likely be necessary. The pair worked back and forth over several months to ensure that Singh had a thorough business plan narrative as well as a realistic set of financials to present to his potential funders.
Singh worked to negotiate with the seller, checking in regularly with Harriman for advice. With the agreement in place, Singh was able to successfully obtained $500,000 from Gorham Savings Bank. In addition, he secured an additional $85,000 from Greater Portland Council of Governments and Community Concepts. was able to close on the loan, successfully obtaining $500,000 from Gorham Savings Bank.
In October 2017, Cityside by E&S Auto Repair moved to its new, larger space at 42 Holmes Road in Scaborough. Known for its professional and trustworthy service, Singh reports that the business is busier than ever.