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Small Business Owner Receives SBA Loan for Working Capital
PeakEnergy LLC was started by Steve Elsea in May 2000 to help utility companies and other energy providers use existing generators at private businesses during peak demand periods.
This business benefits utility companies that would have had to either build more generation and transmission capacity or pay a higher price for additional energy during peak demand periods. It also benefits the owners of the backup generators because they receive a credit for the usage of their generators.
Elsea has spent his entire 27 year career working in or with the electric utility industry. He was able to start his business with the help of a grant from American Public Power Association and an SBA guaranteed working capital loan.
The SBA loan was used to develop the proprietary Internet-based software and to purchase the initial hardware that interfaces with the generators. This hardware-software combination comprises the system which enables energy service providers to control multiple standby generators from their respective dispatch centers.
When asked what his advice would be for someone going into business, he said, "Go for it. My son's encouragement was 'Dad if you don't do this you will always wonder whether or not you could.' Not bad advice from a 14-year old."
Elsea said the business has helped him put things in perspective - "the truly important things in life like my faith in God and my relationship with my family and friends."
He added, "All the credit (for my success) goes to the Lord."