SBA helps Morgan Hill landscaping company gain financial foothold

Morgan Hill’s NewPath Landscape Services recently used long-term loans from the U.S. Small Business Administration that helped the company expand its assets and cut down on unpredictable recurring costs.

NewPath co-owners Filiberto Fonseca and Gino Borello acquired the approximately $1.6 million worth of loans through the SBA 504 program, which provides financing for “major fixed assets that promote business growth and job creation,” reads the SBA website.

In NewPath’s case, Fonseca and Borello used the SBA 504 loans to finance two projects: the purchase of eight acres of vacant land and the acquisition of a 4,608-square-foot building in Morgan Hill, according to a press release from TMC Financing, which processed the loan for NewPath.