Agenda - 09-06-1994 - VIII-E - Laserfiche WebLink

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16 Success Stories: 1. Client originally approached us for help in buying an existing printing business in Durham. When her offer was rejected, she began planning to open a new duplicating center in Carrboro. She obtained approval of the Carrboro Revolving Fund for a Loan of $17, 000 and the granting of a loan of $10,000 by the Self Help Credit Union. We helped client develop a comprehensive Business Plan and Cash Flow projections. 2 . Multimedia company (Chapel Hill) has joined with the owners of video production company to produce and market video instruction packages aimed at the education market dealing with Conflict Resolution in Schools. We assisted in their business plan and various versions of a Cash Flow Projection and Break even analysis. They successfully raised $100, 000 of private capital that will enable the firm to bring the product to market. 3 . We visited manufacturing firm in the third quarter 1993 on our Orange County Manufacturer's survey. Using strategy suggested at our original meeting client approached existing bankers, CCB, through regional credit manager level and negotiated a $100,000 line against account receivables. We are now about to work with them on expanding from existing premises during 1994 and possibly buying raw land on which to build a factory/warehouse. 4 . Referred to us by a local bank, we assisted client in purchasing a major name service station in Chapel Hill including freehold and renovation. Successful completion with $550,000 in financing. We assisted with production of business plan, financial projections, and SBA loan application forms. 5. We developed a Cash Flow Projection for Hillsborough manufacturer. This enabled them to negotiate an additional $60, 000 w/capital line from their bankers, UCB. Disappointingly, UCB would not collateral- ize it solely on A/R's but a start has been made towards the eventu- al goal of stripping away personal assets as collateral leaving the lending bank with current assets as collateral. 6. Client, a young lawyer, used to work for a prestigious Hillsborough firm and wanted to establish his own law firm in that town. We worked with him and his prospective lending banker, Centura. We helped with CFP's and review of his business plan. Loan of 25k was agreed against a parental guarantee and client opened his office in December 1993. 7 . Client came to us with a very well prepared Business Plan. He was from Wilmington, Delaware with good experience in the food service industry (recent experience selling wines nationally for a Califor- nia winery) . We helped him research possible locations for a coffee roastery combined with a specialty coffee shop and reviewed his plan for strategy vis-a-vis lending Banks. We set up appointments with 5 banks: Wachovia, First Union, UCB, Centura, and CCB. Only First Union declined to lend and the client selected Wachovia as provider for his SBA Gteed loan--originally $60, 000, but raised to $80, 000 when full costs of refitting became known. Client's equity invested is $55, 000. Business located in Chapel Hill.