Borrowers obtained a $10,000,000 USDA Business & Industry loan. The Co-Borrowers used the proceeds to pay down the majority of their long-term debt, received working capital, and pay all related soft costs. Guarantor has been with the company for over forty (40) years and has served as its President for twenty-five (25) years. The guarantor has a personal net worth of over $3,500,000 and will, along with additional guarantor, provide joint and several personal guarantees for 100% of the USDA loan. Over $30,000,000 in collateral value comprised of Real Estate ($10MM), M&E ($3MM), & Inventory ($20MM). The company has diversified & expanded its snow removal services to two of the country’s largest cemetery operators & lucrative 24/7 snow-free customers (e.g. Amazon). New contracts representing over $6,000,000 in annual revenue available from US cemetery operators, providing tremendous opportunity as the company performs well. USDA loan will allow the company to solidify a long-term financing structure, allowing the guarantor to focus on stabilizing & growing the business. In 2018, the company restructured its contract services platform, reduced SG&A, & created efficiencies with supervisory staff, leading to improved financial performance.
|Loan Term||17 yrs|
|Participation Availability Amount||$1,675,997|
|Minimum Participation Amount||$250,000|
|Original Loan Amount||$2,850,000|
|Full Loan Documentation||Link|