Automotive Classics Inc., a car repair and service business, can attest to the positive side of acquiring commercial real estate in a sputtering economy. Dave O’Connell , who started Automotive Classics Inc. in Fredericksburg, Virginia, was finally able to locate the right site, a home for his business through the Small Business Administration’s 504 Loan Program. The repair shop is located on half an acre at 175 Chatham Heights Road, Fredericksburg, Virginia.
Automotive Classic Inc. was started over 20 years ago with a focus on restoring classic cars and expanded to a repair service station. The business operated in many rental locations until O’Connell decided it was time to take the plunge into commercial real estate ownership and gain more control over his business. He located a promising ½ acre site.
For financing this new venture, O’Connell approached Rappahannock Economic Development Corporation (REDCO), a licensed non-profit, Certified Development Company that... Read More