When Chadwick Peck took a drive through North Georgia, he wasn’t just sightseeing—he was scouting for opportunity. A longtime entrepreneur with a passion for revitalizing old buildings, Peck spotted two rundown commercial structures in downtown Demorest and immediately saw their potential.
But restoring neglected properties takes more than vision. It requires capital, a solid plan and the right support. That’s when Peck turned to the University of Georgia Small Business Development Center (UGA SBDC) to help with the financing needed to bring his idea to life.
As the owner of Intown Contracting and Mark of the Potter in Habersham County, Peck had previously worked with the UGA SBDC and had experience breathing new life into aging properties. But this project posed a unique challenge: the buildings were in rough shape, and traditional lenders were not willing to finance the deal.
With guidance from Carolina Ramon, director of Specialty Programs at the UGA SBDC, Peck connected with the Georgia Cities Foundation (GCF), a Community Development Financial Institution (CDFI) focusing on downtown redevelopment across the state. Ramon and her team of business advisors provided the technical assistance Peck needed to apply for funding through a State Small Business Credit Initiative (SSBCI) lender. The SSBCI program, administered through the Georgia Department of Community Affairs provides specialized lending opportunities for small businesses through CDFIs. The UGA SBDC team helped Peck refine his business plan, build out financial projections and prepare a competitive loan application.
Together with Access to Capital for Entrepreneurs (ACE) and GCF, Peck secured $550,000 in financing through the Downtown Development Revolving Loan Fund (DDRLF) to purchase and redevelop the Demorest property. The deal was structured to keep up-front costs low, allowing him to invest more in renovating the buildings while retaining financial flexibility.
Peck’s project includes two buildings with a total of seven rental units. So far, two units have been fully renovated, the roof has been replaced and extensive repairs have been made to the exterior walls after years of water damage. There is still work ahead—but already, the transformation is visible.
“Chad’s vision and commitment to downtown revitalization will have a lasting impact on the area,” said Ramon. “I am proud to have supported him in this endeavor.”
What challenges/opportunities were you facing when you reached out to the UGA SBDC and the Georgia Cities Foundation (GCF)?
“Since 2008, when I started Intown Contracting focusing on residential remodeling, I’ve had a strong interest in rehabilitating dilapidated properties. When the opportunity came to purchase a property in downtown Demorest, I knew it was the right project—but finding the right lender proved to be a challenge. The fact that it was two properties with two different zonings made financing more complicated. I had worked with the UGA SBDC before, so I decided to reach out again for guidance on financial projections and a business plan review. That’s where I learned about the SSBCI initiative, and my business advisor took a creative approach, suggesting that we take advantage of the new DCA initiatives to structure the deal in a way that worked.”
Can you provide some background on the property investment/redevelopment project? Where is the project now?
“This project is all about revitalization. It consists of two buildings with seven units total. So far, we’ve completely renovated two units, replaced the roof, and repaired the exterior walls after uncovering years of water damage. The work is still in progress, but we’ve already made a lot of headway in bringing the property back to life.”
How did the UGA SBDC help with that?
“Before coming to the SBDC, I wouldn’t have even known about SSBCI funding. The partnership loan provided not just a lower blended interest rate but also a reduced down payment requirement. We were able to finance the property with only 5% down, and we pledged the other 5% toward future upgrades, which gave us flexibility to continue improving the property without being financially overextended.”
How would you describe your experience with UGA SBDC?
“It’s been a great experience. The SBDC provided invaluable support in structuring the deal, running financial projections, and helping me understand the best funding options available. Without their guidance, I wouldn’t have known about SSBCI funding or how to leverage it effectively. The GCF loan made this project feasible, and I’m grateful for the opportunity to restore these properties and contribute to downtown Demorest’s revitalization.”
All programs of the UGA SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
The University of Georgia
Small Business Development Center
382 East Broad Street
Athens, GA 30602-5412
P: (706) 542-2762
