IE Business Daily Business news for the Inland Empire.
Riverside-based ISCA Technologies, which provides environmentally sound alternatives to agricultural insecticides, has obtained a $515,000 loan from the Small Business Administration for the purchase of a new property.
The property, located at 1242 Spring Street in Riverside, will serve as the local headquarters of ISCA Technologies, which also has operations in Brazil. “We go beyond mainstream agriculture in our solutions to include forestry, urban pest, and vector control,” said Agenor Mafra-Neto, CEO of ISCA Technologies. “We were seeking a small business loan to purchase a property which would allow us to expand our manufacturing ability both in quantity and quality.”
ISCA chose Enterprise Funding in Redlands to facilitate its SBA 504 loan, which is a loan provided by the federal government for small businesses looking to purchase fixed assets. “Enterprise Funding was used on recommendation from our bank,” Mafra-Neto said, “which is Premier Bank in Riverside.”
Because the loan application process was lengthy and required extensive administrative work to assemble all the necessary documentation, he said, ISCA was given an extensive list of requirements with which Enterprise Funding assisted every step of the way. “We were in constant communication with Enterprise Funding to work through all the requirements,” Mafra-Neto said. “We started the process in July of 2015, and we are expecting the final funding in December of 2015.”
Mafra-Neto believes the ISCA Technologies expansion would not be possible without the help of Enterprise Funding. “Most definitely, the loan has allowed us to achieve the expansion we hoped for and needed,” he said. “This loan helps us set the foundation to grow significantly.”
