THE SITUATION
In business for 50 years, this 2nd-generation family-owned job shop has specific expertise building specialized metal housings for electrical systems. Their recent rapid growth resulted in an increased need for working capital, which could not be obtained through their bank.
THE SOLUTION
Summit worked closely with the company’s banker and ownership team to formulate a working capital structure that would support the company’s long-term growth plans and immediate cash flow needs. The result is a $400,000 working capital credit facility, which positions the company very well for its future success.
THE BENEFIT
The company now has an appropriately structured credit facility that will allow them to take advantage of trade discounts, add salespeople, and continue to grow.The bank retained the company’s depository relationship and in time may gain the full lending relationship when the company is ready.