(Avondale, LA) -- The Jefferson Parish Economic Development Commission (JEDCO) Development Corporation recently won a national award for its financial role in a major economic development project. The National Association of Development Companies (NADCO) awarded JEDCO the Ground Up Diamond Award for its involvement in the development of Chronos Body Health & Wellness, a multi-million dollar wellness facility based in Fat City. JEDCO used an SBA 504 loan to finance the construction of the 18,000 square foot facility. Of the $4 million dollar project, JEDCO financed $1.9 million of it.
NADCO created the Diamond Award series in 2015 to recognize Certified Development Corporations (CDCs), SBA 504 borrowers, and third-party lenders that excel in economic development and exemplify the ideology of the 504 program. Certified Development Corporations (CDCs), like JEDCO Development Corporation, submit 504 loan projects that meet the Diamond Award Criteria: a dynamic small business borrower story, community impact and measurable company growth since the business' founding. A panel of industry experts review the submissions without any identifying characteristics and select the winners. This is a highly competitive process. Only one company per portfolio size is selected to receive the Ground Up award.
In 2013, Chronos Body, Health & Wellness founder Dr. Mace Scott approached JEDCO and Chase Bank about renovating an old building in Fat City into a full-service wellness center modeled after the all-in-one health centers found in suburban areas of Los Angeles and Denver. Dr. Scott envisioned a facility that offered a full Day Spa, a 24-hour fitness center, and a Med Spa, which includes body contouring, laser rejuvenation and more. In 2013, these types of services were not offered in a single facility in the New Orleans area.
With JEDCO's help, Chronos Body, Health & Wellness opened its doors in 2015, breathing new life into Fat City. The project has been a great success story. When Dr. Scott filed his SBA 504 application in 2013, he anticipated nine new jobs. In four years, Chronos doubled its projected income and its staff; Chronos now has a staff of twenty with the intention to hire three new employees this year. Chronos gives back to the community, supporting several organizations through free and discounted fitness classes and sponsorships. The business also added new service lines since its inception.
"Winning this award is a true honor for JEDCO and our Certified Development Corporation," said Jerry Bologna, JEDCO President & CEO. "The Chronos project is a perfect example of the impact that our small business financing programs can have on a business - and an entire neighborhood. JEDCO identified Fat City as an area of focus and revitalization many years ago. Our ability to finance Chronos' equipment, working capital and real estate costs allowed the business to begin a shift within the Fat City community. We continue to see high quality businesses opening their doors in that area as a result. I commend the JEDCO Finance Team for their continued efforts to do great work that has long-term economic impacts."
"On behalf of Chronos Body, Health & Wellness, thank you to Jerry Bologna and the JEDCO Finance Team for their support throughout the entire process," said Dr. Mace Scott. "Our success wouldn't have been possible without this great partnership. This association has led to an increase in revenue, number of employees and community support, which are all key ingredients to running an efficient business."
JEDCO Development Corporation was the highest performing CDC in Louisiana in 2019. Five SBA 504 loans were approved through JEDCO this year for a total project cost of over $7.7 million. The SBA 504 is available at 10% down with 25, 20 and 10-year fixed interest rates. It is called "the best kept secret in small business finance," enabling businesses to purchase and renovate capital assets including land, buildings and equipment, as well as positioning themselves for other types of credit.
NADCO presented JEDCO with this award during its Annual Meeting in Nashville. JEDCO Finance Director Jennifer Lapeyrouse accepted the award on behalf of the organization.
ABOUT CHRONOS BODY HEALTH & WELLNESS
Chronos Body Health and Wellness is a comprehensive venue combining fitness, nutrition, and beauty resources all under one roof - from the state-of-the art 24-hour fitness center with live and virtual classes and personal trainers on staff to physician supervised weight-loss programs, day-spa offerings and medical-spa services. No need to drive around town to multiple places, all of these services can be provided from one location. Dr. Scott has over 15 years' experience in medicine and is certified in aesthetics. The goal of the whole facility is to help people become the best they can be. Learn more at www.chronosbhw.com
The National Association of Development Companies (NADCO) is the trade association of SBA Certified Development Companies (CDCs) and other lenders delivering SBA loans and financing for small businesses. NADCO was founded in 1981 as a 501(c)3 corporation charted in the District of Columbia. NADCO's mission is to promote, enhance and educate the industry of SBA Certified Development Companies. More than 97% of all SBA 504 financing is provided by NADCO members. In addition to Certified Development Companies, membership also includes over 240 bank and non-bank lenders, attorneys and other service providers. Learn more at www.nadco.org.
The Jefferson Parish Economic Development Commission (JEDCO) is the economic development organization for Jefferson Parish with the main objective of attracting, growing, and creating new business in the area. JEDCO's mission is to proactively influence the economy through the retention and creation of quality jobs, entrepreneurship, and investment in Jefferson Parish. Located in the growing Churchill Technology & Business Park, JEDCO is home to a business incubator for early-stage ventures and it also operates a state-of-the-art Conference Center. For more information, visit www.jedco.org and follow us on Facebook, Twitter, Vimeo, and LinkedIn.