A SmartBiz SBA Loan Is Helping This Small Business Expand
Over 30 years ago, Terry Trumbull was working construction in Michigan when he was abruptly laid off. Although it wasn’t his area of interest (yet), Terry accepted a job as a driver for a wholesale meat distributor.
“I liked it”, he says. “I got to get out around town and I enjoyed talking to customers.”
When the owner was ready to retire, he asked if Terry was interested in buying the business. Terry’s only experience in the meat industry was when he was in Junior High. His grandfather owned a meat market and Terry was hired to work grinding hamburger. However, Terry wasn’t interested in getting laid off again so he took out a second mortgage on his home and became a small business owner. That was 31 years ago and he has no regrets.
“The best part about owning my own small business is that I have a flexible schedule during the day,” he says. “I don’t have to punch a time clock and that’s great.”
Business started booming and Terry needed additional funding to grow. He had self-financed his business for years but looked to alternative sources for funds. He ended up taking out a short term loan that required daily payments 25 days a month.
“That really hurt my cash flow and it wasn’t helpful in reaching my overall financial goals” he said.
When the economy hit a recession several years ago, Terry’s business picked up again. “When times are tough, people eat at home more often so I had plenty of customers,” he explained. “I needed to hire an employee and buy a new refrigerated truck.”
Terry did research online and came across SmartBiz. He liked the long payback terms and low rates. After reading the positive customer testimonials, he started the process to secure funding for his business.
“The experience was fantastic”, he reports. “In addition to being fast and easy, my loan consultant was a big help. He made sure all of the loose ends were tied up so the entire process went smoothly.”
Terry found his loan consultant to be a great business resource. “He helped me become more educated about small business financing.”
To learn more about Terry’s small business in the greater Detroit area, visit his website here: http://terrytrumbullmeats.com/
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