I recently read an article by Brock Blake (CEO of Lendio) describing the business exploits of Lisa and Dave Uhrik. After retiring from their jobs, the couple purchased Franklin Fixtures, “a staple in manufacturing high-quality displays and fixtures for colleges, museums, independent booksellers, pharmacies, small franchises, specialty retailers, and more.” Franklin Fixtures was located in Cape Cod, and the Uhrik’s sought to move the company to Cookeville, Tennessee, but needed capital to do it.
After receiving equipment financing, Lisa looked for alternative lending sources and found Ridgestone Bank, “a Small Business Administration (SBA) guaranteed lender, which created one of the most complex loans they’ve ever done”, ending in a $1.65 million loan. With this loan the couple was able to relocate to a 5.5-acre building in a larger center with better logistics, triple production capabilities, and double the company size.
The keys to learn from the Uhrik’s are that acquiring a loan may require current assets, as well as aid from a lending organization. Researching and understanding what you’re looking for, as well as having multiple scenarios for your company is key to finding what you want in a lending source.
For more information on small lending opportunities, I’d recommend www.lendio.com, a great place to find out what lending sources you qualify for in seconds. I actually used the site and got a lot of good and easy to digest information. Check it out!!