Mike McGaughy’s Classic Chevy Parts
Mike McGaughy’s Classic Chevy Parts dba Mike McGaughy’s Suspension Parts was founded by Mike and Susan McGaughy in 1984. Their oldest son, Steven McGaughy, took over the business in 2013. His wife, Michelle, has worked alongside her husband since 2009.
In the beginning, the business fulfilled the needs of Chevy truck owners who needed suspension parts not available in the marketplace. It was not long before they were marketing and packaging car kits across the nation for all types of cars and trucks.
In 2018, the business had grown to the point where the company had to work out of multiple locations and still was out of space. Cen Cal Business Finance Group was able to help the McGaughy’s purchase a 98,818 square foot building on a 6.59-acre lot using SBA 504 financing.
Cen Cal Business Finance Group was able to help the McGaughy’s get long term SBA 504 loan with a fixed interest rate and low-down payment.
By buying a larger building, Mike McGaughy’s Suspension Parts, had more than enough room to expand their business. By doing this they were able to add more employees – ten at first and eventually 25 more. This new purchase has been an advantages situation for them.