Multi-sport facilities company secures $6m bridge loan to bolster expansion
Ballparks National will use the funding to expand its softball and baseball sports complex to accommodate more people, sports and entertainment year-round.
The Missouri-based sports complex has received a $6m USDA bridge loan from the alternative funding provider, Growth Lending, to support its expansion plans.
Award-winning Ballparks National is a privately owned youth baseball and fastpitch softball complex located in Camden County, just minutes from Lake of the Ozark. The rural business applied for a US Department of Agriculture (USDA) guaranteed loan and received lender approval from Greater Commercial Lending. It is now awaiting USDA guarantee approval before it receives these funds.
Growth Lending was able to provide the business with a bridge loan, working alongside Greater Commercial Lending, to provide Ballparks National with access to capital while it awaits its USDA guaranteed loan, which can take up to 12 months.
The funding will enable the business to commence its construction plans earlier, which involve building three new softball and baseball fields to better accommodate high school and college teams and improving its supporting facilities.
These developments will also enable soccer, football and lacrosse to be played at the complex, transitioning the business to a year-round operation.
In addition, the expansion will create job opportunities during the construction stage and in the longer-term running of the complex for local people and contractors.
Ballparks National chose to work with Growth Lending because of its seamless funding integration alongside its USDA guaranteed loan application, enabling it to start its expansion plans ahead of the busy season that begins in March.
Jeff Vernetti, General Manager at Ballparks National, says “This has been a very seamless process for us and we are very grateful to the professional team at Growth Lending for their support.
“They communicated very well during every step of the process and enabled our project to remain on schedule.”
Cea van Wyk, Senior Underwriting Manager at Growth Lending, says “Ballparks is an excellent example of the type of businesses and management teams Growth Lending aims to support with its bridge loan.
“Jeff’s passion and the positive impact the business is making in the local community made it an easy decision for us to support the sports complex provider with its funding needs. We’re delighted to help deliver its dream as it hopes to retains its position as Missouri’s Best Athletic Complex”