Success Stories

Advanced Metal Components Uses SBA 7(a) Loan To Cut Its Debt Costs, and Save Rural Georgia Jobs

 

When the recession hit Advanced Metal Components (AMC) Inc. three years ago, the company and its 130 employees in Swainsboro had a backlog of work to carry them forward for another 12 months or better.

However, Doug Brown, who took over the family-owned business in 1999, realized he would soon need new financing for fresh working capital, and to take the business to a new level of production to handle orders after the economy started to improve. 

Brown, a graduate of Georgia Tech with a passion for engineering, would turn to Spivey State Bank        in Swainsboro for an SBA guaranteed loan of $3.2 million. This loan, under the SBA’s 7(a) program, closed in March, 2011. It allowed Brown’s company to cut its debt service on several existing bank loans by half, thereby freeing up vital cash flow while providing $250,000 in new working capital to help weather the recession. At the same time, the loan saved dozens of good-paying jobs in rural Emanuel County,... Read More

Fuego Mundo Restaurant gets First SBA Guaranteed Loan In Georgia, following Enactment of new American Recovery Act

—Provision on Eliminated Fees Saves Borrower some $12,000—

The Fuego Mundo Restaurant became the first small business in Georgia to receive an SBA guaranteed loan under the American Recovery and Reinvestment Act with a 90 percent guarantee and no fees.  The federal law provides $730 million to SBA and makes changes to the agency’s lending and investment programs so the agency can reach more small businesses that need help.

“We were already excited at the prospect of starting our new business concept,”said Masha Hleap-Hershkovitz, owner. “But with the benefits of this new SBA program to strengthen our business, we are even more optimistic at the prospects of success.”

Ms. Hershkovitz used a $550,000 SBA 7(a) loan from Signature Bank of Georgia to help finance her new, South American style wood-fire grill. It opened on June 5 at The Prado, a retail complex in Sandy Springs. She said the elimination of the loan fees totaled about $12,000, money she can... Read More

—Firm has Received six 8(a) Contracts for $9.8 Million—

Like many entrepreneurs, Sanquinetta Dover paid some dues before she returned to Atlanta in 1996 to start DoverStaffing Inc., a professional placement and project management firm that has grown to over 200 employees.

After graduating from Spelman College in Atlanta with a degree in Economics, she spent six years with the Federal Deposit Insurance Corporation (FDIC) in its bank liquidation division in Chicago and Midland, Texas. She later held several corporate sales positions in Chicago and spent over two years running  her first small business, a wood pallet manufacturing firm in the Windy City.  

Dover says she first learned about the SBA’s 8(a) Business Development program in Chicago during the operation of her first small business. Her knowledge of the program would pay large dividends after DoverStaffing was certified as an 8(a) and Small Disadvantaged Business in 2003. 

Since it... Read More

—The $2 Million, Recycling Facility will be first of its kind in Georgia—

MBA Waste Services LLC started work in early November on its new Materials Recovery Facility (MRF) at a site off Roosevelt Highway in Union City, Georgia. The facility, on an eight acre tract, will include a 41,000 square-foot industrial building, a sorting system to separate materials that are being recycled as well as a “reduction grinder” to prepare materials for other end uses.

The MRF complex, set to go operational in early 2011, will be the first permitted recovery facility for construction materials within 250 miles of Atlanta, according to Ken Mitchell, President/CEO of MBA Waste Services. “We will be able to recycle concrete, wood, metal, paper and plastic as well as carpet at the facility,” he added.

Ken, and his wife Carol, company secretary, were able to use a $2.1 million SBA 504 Development Loan to finance their new recycling facility in south Fulton County.  The... Read More

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