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New Sunoco Cantwell Service Center in Vincennes opens Oct. 1, assisted by SBA 504 loan from German American Bank and Indiana Statewide CDC
A Sunoco gas station is the main feature of the bright, new Cantwell Service Center at Washington Avenue & St. Clair Street in Vincennes. The new Sunoco center opens October 1.It replaces a Marathon station that Charles and Cheryl Cantwell operated at the same site since 1982. Fifteen people are employed at the new store.

The Cantwells received a loan from the U.S. Small Business Administration 504 program to help finance the new center's construction. German American Bank and Indiana Statewide Certified Development Corporation provided the SBA 504 loan. This is the second SBA 504 loan the Cantwells have received to finance a new convenience store.

Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help owners of expanding or startup small businesses buy real estate, buildings and equipment. SBA 504 loans can give small-business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.

Cheryl Cantwell says, "The SBA 504 has offered a lower interest rate for a longer time period than we were able to find otherwise, and that's a great help for our everyday budgeting."

Greg Cardinal of German American Bank says, "The reasons for our offering the SBA loan to our small business borrowers are the extremely low, long-term, fixed-interest rates and, in many cases, we are able to ask a borrower for a smaller down payment. I began using the 504 loan program about 10 years ago. It remains a great option for my clients to finance long-term assets"

Cheryl Cantwell says the new Sunoco store is offering the normal range of convenience store items as well as three grades of gasoline (87, 89 and 93 octane) plus pure gas with no ethanol, E-15 (unleaded 88 octane), diesel fuel, off-road diesel and propane.

She says, "We hope to offer an appealing and easily accessible facility for our new and old customers to patronize for many years to come."

The new Cantwell Sunoco Service Center is in addition to the Cantwell Shortstop Marathon station about two miles away near the Vincennes Walmart. The Cantwells will host a grand opening at the new station later in October.

Background:
Indiana Statewide CDC has approved over $725 million of financing for more than 1,500 Indiana companies since 1983, creating or saving more than 27,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.8 billion in expansion financing for Indiana businesses.

Executive Director Jean Wojtowicz says, "SBA 504 loans help small businesses grow because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 25 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer more favorable loan rates than generally available to small businesses."

German American Bank (www.germanamerican.com) serves southern Indiana and Kentucky with banking, insurance, investments and wealth management services for business and retail customers. In 1910, German American was founded in a community which was rich in German-American heritage located in Ohio Valley region. The company's headquarters remain in Jasper, Indiana. The German American team is dedicated to helping individuals, families and businesses achieve greater prosperity and quality of life by building lasting client relationships based on integrity, responsive service, innovation, and shared values. The company believes in supporting the communities it serves so their people can prosper.

Cantwell Service Center (www.visitvincennes.org) is a new Sunoco store at 1602 Washington Ave., Vincennes. It offers convenience store items as well as three grades of gasoline (87, 89 and 93 octane) plus pure gas with no ethanol, E-15 (unleaded 88 octane), diesel fuel, off-road diesel and propane. The Cantwell's new Sunoco store replaces their previous Marathon store on the site and is in addition to the Cantwell Shortstop Marathon station near the Walmart about two miles away.

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