Advanced Automation Corporation - Rome, NY
David Tyler, CEO of Advanced Automation Corporation (AAC), a family-owned company providing services to the Department of Defense and defense contractors, knew he had a significant competitive advantage in submitting a proposal for the production of sit-and-stand desks. “This project required customization, which bigger companies don’t do,” said David, “so we bid on the project, and won.”
Winning the project with the National Geospatial-Intelligence Agency, however, posed a challenge: NGA wouldn’t pay AAC until after the contract was fulfilled. While this is typical of government contracts, it is difficult for small businesses. And AAC needed a $100,000 loan within just a few days to cover the costs of materials and labor.
David regularly receives communications from predatory online lenders that solicit his business, which has been successfully operating since 1985. Fortunately, he knew better than to give them his time or trust. Instead, David turned to his bank for funding. His small business banker immediately saw an opportunity to refer him to Excelsior Growth Fund, which provides loans up to $100,000 in about five business days. AAC applied for a loan in minutes and received an approval within two business days for an EGF Smart Loan™. “The speed was really great; we got the money we needed right away.”
It was also important for AAC to secure funding they could pay off quickly. “Because we get paid after the contract is fulfilled, we really needed a reasonable loan that didn’t have a penalty for paying it off early,” said David. The EGF SmartLoan, which does not carry a prepayment penalty, provided just that.
The funds also enabled AAC to create three jobs needed to complete the contract – something that makes David particularly proud. “We have them making decent money, not just minimum wage, so I really appreciate this loan being available.”
To learn about ways EGF can help your small business, contact us today. And if you think you may be dealing with a predatory lender, head to EGF’s Business Resource Library to learn more about some of the warning signs and contact us for information that can help.