Davidson Surface Air Receives First Boost Loan
St. Louis Globe-Democrat
December 15, 2010
St. Louis County Economic Council recently closed its first BOOST loan, $500,000 with a five-year fixed rate of 6.01 percent, to Davidson Surface Air, an international logistics company providing shipping, warehousing and inventory control services. The closing was done simultaneously with Great Southern Bank, which provided $1.2 million.
BOOST is a St. Louis County alternative loan program to the Small Business Administration's (SBA) 504 loan program, offering less restrictive requirements to borrowers seeking financing for the purchase or construction of land, buildings, machinery, and equipment within St. Louis County; it is also deemed the first of its kind in the United States.
"BOOST was the ideal solution for our company. We had a time-sensitive contract on a facility in north St. Louis. Since there was a back-up contract on the same building, it was critical that we close within weeks, not months. BOOST provided a faster loan approval process than the SBA, which was an important benefit," said Donald Davidson, president & CEO.
In addition to the quick turnaround time, other BOOST benefits include up to 90 percent financing, low floating interest rates or a variable fixed rate, no prepayment penalty for floating rate, and a 20-year term.
In 1981, Don Davidson started his company in the basement of his North County home with two used trucks, one customer and no employees while employed by Briggs Transportation as a truck driver. Since then, the Davidson Surface Air has evolved into a global company with business throughout the United States, Canada, United Kingdom, Denmark, and Japan. Today the company employs 25, owns a fleet of more than 50 with revenues of over $4 million. . Clients include The Boeing Company , GKN and Aerospace.
BOOST is administered by St. Louis County Economic Council's business finance staff. The Business Finance Corporation of St. Louis County, a 501(c)(6) organization, approves all loans and since 1981 has disbursed more than 440 SBA 504 loans representing over $147 million.
