Local Business Leverages SBA Refinancing Program
February 28, 2024 Walnut Creek, CA Bay Area Development Company announces it has completed SBA refinancing for MD Petroleum in Williams. The financing allowed the company to create five new, local jobs and to refinance the mortgage on its 4,487 square foot property located at 296 E Street in Williams. Husband and wife Devinder and Parmjit Mann, owners of MD Petroleum, purchased an existing ARCO-branded gas station and convenience store in Williams in 2019. The business, which features 16 fueling stations, a large convenience store, and a juice bar, is located just off Interstate 5, making it a convenient stop for travelers and locals alike. The Manns have since added a Krispy Krunchy Chicken fast food restaurant, which provides even more options for patrons as well as additional revenue for the business. Since purchasing the ARCO station, interest rates have become more favorable, so the Manns chose to refinance their property’s mortgage. Working with Wells Fargo Bank and with Bay Area Development’s Mark Schwan, they were able to leverage the SBA’s refinancing program. Doing so will reduce their monthly payments and allow them to create new jobs in their community.