GSBDC Finances Purchase of New Facility for Downtown Decorations

GSBDC Finances Purchase of New Facility for Downtown Decorations

  The Greater Syracuse Business Development Corporation (GSBDC) recently provided an SBA 504 loan for $200,000 to Downtown Decorations, Inc. (DDI) for the purchase of a 21,000 sq. ft. building at 6724 Joy Road in East Syracuse, NY.  This new facility more than doubles their former leased space of 10,000 sq. ft. at 6604 Deere Road in Syracuse, NY, with 15,000 sq. ft. dedicated for warehouse space and 6,000 sq. ft. for offices. Due to the significant increase in their business, they had had run out of space in both the office and warehouse areas at the previous location, thus limiting their capabilities for expansion into new areas of business. With their new location, they can fully implement their plan for continued development, inclusive of adding staff, expanding inventory and initiating larger production and staging areas. 

  DDI was formed in 2003 by Ted Peterson and Garrett Peterson,father and son, respectively.  They provide custom commercial and municipal décor to clients, including cities, shopping centers and developers throughout the United States and around the world. Décor options include interior and exterior custom/seasonal banners which can be either digitally or screen printed, as well as holiday decorations including pole decorations, foliage lighting, architectural lighting, energy saving LED bulbs, custom lighted displays and interior/exterior giant trees.  The larger facility – with its additional warehouse space – will allow them to expand their production, storage and staging capacities.

  DDI’s in-house team works collaboratively with clients to create unique and custom designs, overseeing the entire decoration process from concept to installation. Their designers work closely with clients to customize a project, from the idea stage to installation within budget and on time.  Design and layout quality, and exceptional service are at the forefront of DDI’s business model, and it is in this way that they have been and continue to be successful in differentiating themselves from the competition. 

  The SBA 504 program provided a 20 year fixed rate second mortgage with M & T Bank, providing financing in a first mortgage position.  Tony Delvecchio, Vice President, Business Banking commented, “M & T Bank appreciates the assistance provided by the GSBDC to allow us to put a competitive financing package together for Downtown Decorations, Inc.  They were able to purchase a much needed building, allowing a local company the opportunity to continue to grow and expand right here in Syracuse.”  Ted  Peterson of DDI stated that “We are enormously grateful for the SBA 504 loan, as this has provided our company with a foundation for continued expansion. We are excited to be able to better serve our current clients, and to welcome new business, as we now have the capability to do so.” DDI currently has 12 employees and plans to add five more over the next two to three years as a result of this expansion project. This would include two sales positions, one marketing person and two graphic designers.