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Elastomeric Roofing Systems
A family-run business’s quadrupled sales call for expansion
Certified Development Company:
Minnesota Business Finance Corporation
Location:
Rockford, Minn.
Clients:
James Leonard
Case Study:
$1,047,000 SBA 504 loan for $2.6 million
construction project
Third-Party Lenders:
Community Bank;
Eden Prairie, Minn.
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Elastomeric Roofing Systems (ER Systems) sells a complete line of roofing materials and systems to contractors. Consisting of membranes, coatings and adhesives, ER Systems’ products are designed to stretch, bend and twist as the building moves, providing maximum flexibility and durability. Commercial reroofing makes up 70 percent of the firm’s market.
ER Systems’ owner James Leonard knows his roofs. A chemist with more than 25 years of experience in the commercial roofing business, he was president and CEO of a larger firm in the industry before he started ER Systems. He didn’t waste time in turning ER Systems into a leader in cool roof restoration, which is the concept of extending the life of metal, single-ply, asphalt and foam insulation roofs while lowering energy use.
As sales and demand soared for his products – especially for a new
roofing adhesive designed for smaller commercial projects – Leonard
needed more space. With the help of an SBA 504 loan made through
Minnesota Business Finance Corporation, Leonard and his family – he
and his wife and two sons head ER System’s corporate parent, TTJK,
LLC – successfully built a 45,500-square-foot building. The firm’s
expanded manufacturing capacity is expected to meet the
accelerating growth needs of the firm, whose sales have nearly
quadrupled over the past 10 years.
“The financing conditions for our latest expansion were the most cost-effective way we could build on our growth,” Leonard said. “There was no commercial package out there that could match the terms of the MBFC-arranged SBA 504 loan.” |
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