Dan Funk had been in manufacturing for most of his life. He found a major void he could fill in the manufacturing of polyurethane (PU) flexible slab-stock foam, which is used in the production of furniture and bedding products. He knew that with start-up financing Indiana, he could produce it much more efficiently and provide it to the end-user according to their stringent schedule. He also knew that with his contacts, he would be able to secure contracts right away. This is critical to the cash-flow of any start-up facility. Like they say, “Cash is King”.
Searching For The Right Start-Up Financing In Indiana
Now, the only problem was how to get around $600,000 to start this manufacturing facility in a town just a little east of Elkhart, Indiana. Dan felt he would have to get a series of smaller loans to piece everything together. What we told him was we could probably get one loan to satisfy all of the components of the business and that would make much more sense.
We went to work putting together his full file and secured him a loan of $563,000. He could use these proceeds to order the custom machinery he would import from Italy, pay for all the inventory he would initially use, and carry payroll within the first few months when there would possibly be no money coming in.
Bringing His Business Idea To Life
In the end, we felt like we had given some life back to a rust-belt town who had seen a deterioration of their manufacturing base for the last 40 years. It was even more gratifying to receive this note from Dan Funk himself:
“I wouldn’t be here closing on this loan if it weren’t for ICA! After hours of searching for start-up funding I found your company online, took a chance and reached out to you, and you took the time to listen to my business idea and helped me navigate the SBA process with Dom, Dan and the rest of the team. So thank you for helping me find the funding I needed to make this business startup a reality!”