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North Central Door, LLC
Expanding into new markets, exceeding business plans and contemplating further financing.
Certified Development Company:
Minnesota Business Finance Corporation
Location:
Bemidji, Minn.
Client:
North Central Door, LLC.
Third-Party Lender:
Security Bank USA; Bemidji, Minn.
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Founded in 1967, North Central Door manufactures overhead
steel and wood garage doors for commercial and residential
applications. The majority of its sales are custom orders from
building supply companies, lumberyards and garage door
dealers/installers throughout the greater Midwest. The company
has grown from 61 to 92 employees since 2001.
To see North Central Door's real growth potential, no one had a
better vantage point than Steve Holley. Having worked in the
company for 30 years and at that time general manager, Holley
believed in the dedication of his employees and sales staff. He
also recognized that expanding sales into the southern Midwest
states, where the climate allows for a longer building season,
would create even greater growth potential.
So when the opportunity to purchase the business from the retiring
owner was presented in 2001, Holley and long-time colleague
and sales manager Robert Huston put together a business plan to
acquire it as partners. Growth projections called for a $3.4 million
loan to purchase the land, manufacturing facility and equipment.
Minnesota Business Finance Corporation (MBFC) provided $1.05 million in financing through the SBA 504
loan program, with Security Bank USA as third-party lender.
"The Bank thought it would be a good marriage, and MBFC's
Bemidji office made it a very smooth process," said Holley.
"Thanks in large part to the SBA 504 Loan Program, we've
successfully expanded into more Southern markets and are
well ahead of our business plan. In fact, we're looking ahead
to further expansion and considering working with MBFC and
the 504 program again."
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