SBA loan helps Carson City’s Coral LLC
The Nevada State Development Corp. (NSDC) and Wells Fargo Bank worked together to help Coral LLC of Carson City with a Small Business Administration SBA 504 Loan to purchase new office space.
Owners Clint and Jason DeWitt purchased and renovated the space at 5576 Bighorn Drive, moving the coral mineral supplement supplier from former rented offices at 38 Diamondback Way in the capital. Coral LLC markets health-supplement products to customers worldwide.
“It took some time to move in,” said Jason DeWitt, the younger of the father/son team owning the business, “and we haven’t been here long, but we have already had some great meetings with clients.” The change improved not only the look, but the workflow for the company, according to a news release from NSDC. Coral LLC, which handles above-sea coral mineral health products, also rents out half the space at the new building.
The two loans combined from NSDC and Wells Fargo totaled $645,000 and were at rates of 5.5 percent and 6.35 percent, DeWitt said. He added that he and his father/partner have a mortgage cost that is just $200 more than what they had been renting space for previously, and they are building equity in the 8,400-square-foot building on Bighorn Drive.
He also said the company markets products in more than 30 countries, with the most recent addition being United Arab Emirates. Coral LLC doesn’t deal in coral from the ocean, employing eco-friendly manufacturing methods to promote sustainable coral mineral supplements not available elsewhere, according to the firm.
NSDC, with offices in Reno and Las Vegas, said it is a non-profit and the largest SBA 504 loan provider in Nevada.