Alexandria, VA (Vocus) October 12, 2010
In 1986, when Tony Scovazzo and his wife bought their house in Virginia they didn’t think that their mortgage would be some day cost them only a fraction of what some of their neighbors would pay in rent. It was this sound investment that Scovazzo made over 25 years ago that has allowed him to now have more flexibility in his personal finances.
When it comes to his business, Scovazzo hopes that the purchase of new office space for his company, AJS Consulting Engineers, will similarly allow him to stabilize his office costs and build equity, improving the financial outlook for the firm. The commercial office market is still struggling, making it a buyer’s market for companies with the means to purchase property. The new space AJS Consulting Engineers found was not only a bargain, but it was perfectly suited for their needs. Scovazzo hopes that over the next 10 years this investment will help his business become more profitable and create a competitive advantage.
After he found the property, Scovazzo’s realtor suggested that he look into a Small Business Association (SBA) loan, and when he found out that his existing bank offered SBA loan processing, he decided to apply. At first he didn’t think an SBA loan was feasible but he learned that it could cover a mortgage and that the then pending Tax Benefits Bill could result in lower payments and a reduced closing cost.
Scovazzo was able to secure funding from an SBA loan after a typical application and approval process. The funding for this loan was even further supported by President Obama’s recent signing of the Small Business Lending and Tax Benefits bill. Additional benefits of the bill include a series of tax benefits totaling $12 billion and $30 billion in lending.
When President Obama signed the bill, he called it “great victory for America’s entrepreneurs.” Scovazzo could not agree more, having realized the true impact that this bill can have on small businesses like AJS Consulting Engineers. He says attending the bill signing was an honor. (Scovazzo can be seen at the bill signing standing just to the left of the President. View C-SPAN video here).
He believes that, “the bill still presents lots of opportunity to those that qualify.” Also as a result of the added funding there will be an increase demand in some sectors which will help small businesses. In Scovazzo’s opinion the future seems to hold a lot of potential.
About AJS Consulting – Started in 1989 by Anthony J. Scovazzo, AJS is a firm of seasoned engineers providing design services for the construction of new buildings or the rehabilitation/renovation of existing buildings. They provide high quality Mechanical Electrical Pluming (MEP) design services to the metropolitan Washington, D.C. area, across the USA and Abroad. For more information visit: http://www.ajsgreenmep.com/
Tony Scovazzo is a member of The Alternative Board® - The Alternative Board® (TAB) is an exclusive membership organization for small and mid-sized businesses with revenues ranging from $1 – 100M. Founded in 1990, the company has worked with over 13,000 business owners. Membership in TAB provides business owners with targeted business coaching, peer advisory boards and a successful business owner network that spans the globe. For more information on TAB and peer advisory boards, please visit http://www.TheAlternativeBoard.com.