Electrical Accessories Made the Right Connections, Thanks to Fortune Bank
In 2014, Vesna Moll was already a successful entrepreneur who had bought and sold businesses before. But when she applied for a loan to acquire Electrical Accessories, Inc., in St. Louis County – an established, 30-year-old manufacturer of wire assemblies for OEMs –most lenders didn't want to help her.
"The conservative bankers I talked to only looked at the financials and turned us down," Vesna explains. "They didn't consider my personal track record or business plan."
"Fortune bank was very creative in how they structured the loan"
Then Vesna talked to Fortune Bank, and everything changed.
"There was a real comfort factor," she says. "I could tell they wanted to help me. I also knew Fortune Bank made a lot of small-business loans and they had competitive rates."
Partnering in the process
"Fortune helped with all of the due diligence," Vesna adds. "They assisted in valuing the business and cash flow to make it a more bankable deal."
One of the most important steps in the process was negotiating a down payment of only 5%. Many business lenders would have demanded much more, which would have been a deal breaker for Vesna.
"Structuring the purchase with that small down payment really made a big difference in my initial working capital needs," she says.
The future looks bright for Vesna and Electrical Accessories. The company has multi-million dollar annual revenues and over forty employees, and the business recently moved into a new building in south St. Louis.
"Fortune Bank was very creative in how they structured the loan for me," Vesna says. "They knew how to get the deal done."
When you need a bank that makes small-business loans when others won't, talk to Fortune Bank and see how we do things differently.
|Fortune Bank Offers Creative, affordable solutions for you|
Start making your dreams come true. Visit fortunefincorp.com/sba-loans, or contact one of our loan specialists:
Lee Levinson: 314.308.1496 LLevinson@fortunefincorp.com