| Today's Headlines |
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| SLCEC…IT IS MORE THAN JUST FUNDING THE BIG GUYS |
Too many times I have had small businesses come tell me they did not research our finance programs because they thought we only funded “the big projects”. Another statement I also hear a lot is from commercial and retail entities that thought our funds are earmarked for only “industrial” projects.
As you can see from not only this month’s newsletter, but also previous editions; The St. Louis County Economic Council has the resources available for both small and large entities. We also have funding available for retail, commercial and not-for-profit entities.
Yes, we do financing for the big projects, but we understand that the underlying foundation of any successful economy is the growth of the small business owner. It does not matter if we are talking about someone who runs a 25 employee machine shop or a restaurant.
Before you complete your financing deals, take a look at the Business Finance Division of the St. Louis County Economic Council. You will be amazed at what we, and our partners, can do for a whole host of companies.
Rick Palank,
Sr. Vice President
Business Finance Division |
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| LARRY CRESSWELL NAMED NEW SLCEC BUSINESS DEVELOPMENT OFFICER |
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Rick Palank, Sr. Vice President for the St. Louis County Economic Council recently announced the hiring of Larry Cresswell as the organization’s new business development officer. Cresswell’s primary function is the development and underwriting of the SBA 504 loan program.
He is a graduate of Missouri State University and has nearly ten years of experience in the finance industry. Cresswell spent five years in consumer finance underwriting and producing residential mortgage and consumer loans. Most recently he has worked in Small Business Lending division at National City Bank.
“Larry has experience dealing with all SBA lending products, including 504, from the banking perspective and now is bringing that product knowledge to the Economic Council,” Palank stated. “He will advise businesses on a wide range of financial issues and serve as a conduit for both banks and these growing industries.”
To find out more about the benefits of the SBA 504 program, contact Larry Cresswell at 314-615-7681. |
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| SLBDF ENJOYS RECORD YEAR |
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Officials with the Saint Louis Business Development Fund recently announced its best year ever.
For the year ending December 31, 2006, revenues were $821,405 or 71% while profits increased $172,695 or 226% from 2005. Last year was also a record year in term of dollars invested - $2,050,000 with an average investment of $342,000.
President and chief executive officer Rick Palank commented, “There are two major reasons for these results. First, we have a great management team in place; including Tim Houghton, Matt Padberg, Mike Devereux, Vince Volpe and Tim Bonte. Secondly, our board has provided tremendous guidance to insure we invest in the best possible projects.”
“Given the amount of support we have had from our partners and business community, I have every reason to believe this fund will continue to set new records,” Palank added.
The Saint Louis Business Development Fund specializes in providing much needed investment capital, without taking any ownership, for companies located in the St. Louis region. |
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| CLAYTON CHILD CENTER NURTURING SUCCESS THROUGH BQB’S |
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| SEMI-BULK SYSTEMS GETS A WEIGHTY INVESTMENT FROM SLBDF |
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Semi-Bulk Systems, Inc., based in Fenton, recently received a $450,000 investment from The Saint Louis Business Development Fund to help the company expand and grow its business. The money will be used for shareholder buyout, working capital and sales and marketing expenditures. SLBDF is teaming with Cass Commercial Bank , Semi-Bulk’s bank of account, in the project.
The 30-year old company utilizes patented technology to provide dramatic process improvements in powder handling/automation and powder/liquid dispersion and liquefaction. Semi-Bulk’s process can increase manufacturing capacity by 400% in a company’s existing manufacturing capacity.
“Semi Bulk is the perfect example of how to successfully use the SLBDF program,” stated Rick Palank, President and CEO of the Fund. “They clearly demonstrate both a need for the funds and a strong long term plan to insure success for the company,” Palank added.
Semi-Bulk’s customers include Anheuser-Busch, Mead Johnson, Proctor & Gamble, Pepsi-Cola, Kraft Foods, General Mills, ConAgra, and many other international companies.
Charles Alack, Semi-Bulk President and CEO, stated “the Business Development Fund’s investment has allowed me to make some very timely changes and improvements within the company.” |
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| SLCEC HELPING NEW FRANCHISEE SCOOP INTO BUSINESS |
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Dale Hellenbrand is living his dream of owning his own Culver’s restaurant. He started out working at a Culver’s in 1997 as an employee and worked his way to crew trainer to crew chief and then to manager. While earning his bachelor’s degree at the University of Whitewater, Dale even trained franchisees to open their own store and assisted in the opening of several other Culver’s locations. Now he has opened his own restaurant in Arnold, Missouri.
Besides the butter burger, Culver’s is known for their cleanliness, high quality, variety and customer service. It is a combination of a fast food and sit-down restaurant. The corporate organization promotes giving back to the community through events and donating a percentage of sales to charity.
Culver’s of Arnold is located just off of Interstate 55 and Richardson Road. The area has been experiencing significant population growth in the last few years as well as an increase in commercial development.
The St. Louis County Economic Council funded this $2.4 million dollar project through a 504 Small Business Administration loan in participation with McFarland State Bank of McFarland, Wisconsin. |
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| SLBDF AND TAG TEAM UP FOR MAJOR CORPORATE EXPANSION |
Switching from corporate executive to company owner was not an easy decision for Stan Morrison, but it proved he could play ball in the world of sports equipment.
In 2003, Morrison, a former Executive Vice President for sports equipment manufacturer Rawlings, took a gamble, quit his job and purchased a recently closed Rawlings plant in Licking, Missouri. In early 2004, Morrison opened TAG Team Uniforms in the town located just two hours southeast of St. Louis.
“Given my experience in the industry and the tremendous workforce in Licking, I knew we could make this a successful venture”, Morrison stated.
His predication came true, as the company, which manufactures custom apparel for athletes of all ages throughout North America, recently announced record growth. TAG grew from $1.4 million in sales in 2004 to $5.5 million in 2006. The investment also retained 150 much needed jobs for the area.
“Growth creates other issues,” Morrison stated, “and the Saint Louis Business Development Fund was right there to help me overcome those obstacles.”
SLBDF recognized great potential in TAG and invested $500,000 in the company while Heartland Bank provided a $1.5 million line of credit.
“The Business Development Fund has allowed TAG to secure much needed capital without diluting its ownership” noted Morrison.
“This is a textbook case of a true win-win scenario,” stated SLBDF President and CEO Rick Palank. “TAG found the financing they desperately needed while the region benefits because a successful company is creating good jobs for local residents." |
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| ST. LOUIS COUNTY HEADLINES |
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