The loan guarantee program has allowed REEIS to secure a $350,000 SBA 7A loan from Wells Fargo Bank. The company said that the loan will allow it to expand and meet increasing demand and will add as many as 25 – 40 permanent green collar construction jobs. REEIS is also utilizing a portion of the loan to open a division in a new market in Riverside, California.
REEIS works closely with local utility companies and municipalities to implement rebate programs and educate the public on energy efficiency steps. The company is engaged in auditing and retrofitting homes to transform them into more energy efficient structures. It has also developed an integrated system process assessing construction defects in a home and fixing them.
Todd Russo, principal and CEO of REEIS, said: “It was important Wells Fargo understand our business model, the growth prospects of the industry, and feel confident with the management staff’s ability to execute the expansion strategy.
”They took the time to work through the closing a business expansion loan in this climate, the loan will allow us to nearly double in size and become more dominant player in the industry.”
Aaron Holas, SBA loan executive of Wells Fargo, said: “Our loans are an investment in the community. We understand the importance of small business growth and creating jobs, but we look at a company like REEIS and we see a long term business relationship with a great company.”
