From Renter to Owner: How an SBA 504 Loan in Illinois Helped Jan’s Dance Studio Put Down Roots

How one dance studio owner honored her mother’s vision through entrepreneurship, community, and a 504 loan.

For Gretchen Burghart-Bice, an SBA 504 loan Illinois made possible what decades of dreaming could not: owning the building that has housed her family’s dance studio for generations. Dance has always been more than movement for Gretchen. It is family, community, perseverance, and purpose.

Growing up in Rochester, IL, Gretchen’s future was shaped inside the walls of her mother’s business, Jan’s Dance Studio. Founded by Janet Burghart, the studio began humbly in a basement, fueled by grit and determination. What started as a passion project grew into a cornerstone of the local community, with Jan leading the studio for more than 40 years before her passing.

“My mom really had hustle,” Gretchen says. “She worked incredibly hard to keep the business going.”

A Broadway Career, Then a Homecoming

Inspired by her mother’s work ethic and love for dance, Gretchen pursued her own performance career, majoring in Musical Theater and Dance at Millikin University before spending nearly a decade in New York City. She performed in Broadway tours, Off-Broadway productions, and regional theater. But eventually, home called her back.

Returning to Central Illinois, Gretchen joined her mother at the studio and began reimagining the business for a new generation.

“I realized there was a way to make a living doing something meaningful in the dance industry,” she explains. “I wanted to revitalize what my mom had built.”

Why the SBA 504 Loan in Illinois Was the Right Fit

For years, Gretchen dreamed of owning the building that housed the studio. But like many small business owners, coming up with a large down payment through traditional financing proved difficult. The SBA 504 loan program changed that.

With as little as 10% down and a long-term fixed rate, this financing option gave Gretchen a path to ownership that conventional lending simply could not offer.

“I always dreamed of owning our building,” she says. “Now I’m paying a mortgage instead of rent, and I’m building value for my family’s future.”

Owning the Space Changed Everything

The impact went far beyond the financial benefits. Owning the property gave Gretchen the confidence to truly invest in the space and create a permanent home for the studio and its students.

“We finally felt established,” she says. “Before, I was hesitant to put too much into the building because it wasn’t ours. Now we’ve added a garden, hosted events in the parking lot, partnered with local organizations, and created a true home base for our community.”

Navigating the Process: Challenges and Celebration

The road to closing was not without hurdles. Changing bids, construction challenges, and the demands of coordinating a major buildout while running a business tested Gretchen’s resolve. But with guidance at every step, she pushed through.

“When I found out we were approved, my mother and I literally jumped up and down,” she recalls. “We had our own little celebration. I’m so grateful she got to see that moment before she passed.”

That moment, made possible by the 504 program, became one of the most meaningful milestones of Gretchen’s life and career.

A Studio That Is Thriving, Not Just Surviving

Today, Jan’s Dance Studio is not only surviving. It is thriving. The business continues to trend upward, but Gretchen measures success in deeply personal ways. Over the years, she has watched students grow from young dancers into confident adults, with some pursuing professional dance careers and others carrying their love of dance into college teams and lifelong friendships.

“Getting to be part of their lives for so many years is truly a blessing,” she says. “Many of my students have become close friends.”

Advice for Small Business Owners Considering the SBA 504 Loan Program

Looking back, Gretchen sees her journey as a testament to perseverance, timing, and staying faithful to a dream, even during difficult seasons. Her advice to aspiring entrepreneurs is simple but hard-earned.

“Keep going. Some years you have to cruise and let other parts of life take center stage. But always keep your dream alive in the background. When the pieces align, go for it!”

If you are a small business owner in Illinois wondering whether an SBA 504 loan is the right path to owning your commercial space, Jan’s Dance Studio is proof that the dream is within reach.

Ready to Stop Renting? The SBA 504 Loan in Illinois Can Help

Jan’s Dance Studio is proof that owning your commercial space is within reach. If you are a small business owner wondering whether the 504 program is the right path forward, the answer may be closer than you think.

Gretchen’s advice to fellow entrepreneurs is simple but hard-earned: “Keep going. Some years you have to cruise and let other parts of life take center stage. But always keep your dream alive in the background. When the pieces align, go for it!”

SBA 504 Loan Illinois: Jan’s Dance Studio Buys Its Building