For 30 years, Sartin Services Complete Lawncare, Inc. operated without a hitch – until it ran into the perfect economic storm of rising fuel costs, economic downtown and a collection problem with the business’s largest accounts.
The family-owned, Jonesboro, Ark., based business had grown into one of the area’s largest full service landscaping, nursery and Christmas decoration companies. And now the family found itself needing to re-engineer the business. The owners took a hard look at every aspect of their operation, making the needed adjustments to lower its operating costs and eliminate unprofitable business; despite these efforts, the business was left with debt that was on a short amortization, fully advanced lines of credit and in need of working capital. And the stakes were high – 40 employees that counted on Sartain for their livelihood.
Because of underwriting and collateral constraints, their primary bank was not in a position to provide the type of financing they needed to shore up the business and put them back on a solid foundation. This is when they approached the Arkansas Capital Corporation. After carefully evaluating the situation, ACC was able, with the assistance of a Small Business Administration guaranteed loan, to refinance their debt on a longer amortization, term out their lines of credit, and provide the necessary working capital to help them through the storm. Now, despite tough economic conditions, the company is positioned to better weather times ahead.
Inspired by recipes from her native Brazil and her dream of opening a restaurant, Rosalia Monroe began serving lunch to curious customers from a tiny kitchen in Little Rock’s Hillcrest neighborhood equipped only with a hot plate burner and a convection oven with her husband Dan in March 2002. It wasn’t long before demand for Café Bossa Nova grew, forcing Rosalia to double her serving space, expand her kitchen, and begin serving dinner as well.
Now, Café Bossa Nova, with the assistance of the Arkansas Capital Corporation, has completed another expansion: Rosalia’s Family Bakery. Rosalia’s Bakery is a great place to stop for unique, healthy breads, cakes, desserts, juices, coffees, and takeouts of well-known premixed soups and salads.
After 40 years in ministry, education and administration at two Bible colleges, Dr. Warren Bathke and his wife Gladys wanted to continue to have a positive impact on people’s lives as they enter their retirement years. Thanks to their previous experience owning and managing apartment complexes, the Bathkes decided to blend their experiences and open an assisted living center.
Dr. Bathke did his research and chose to build The Meadows in Bentonville because of the large migration of Mid-West retirees that have moved to the Bentonville/Bella Vista area. He located a lender in Nebraska who had financed several assisted living facilities, and together, they chose to finance the Meadows through the SBA 504 loan program because of the reduced equity requirement and the lower fixed interest rate. This brought Six Bridges Capital Corporation into the equation. The 504 loan for The Meadows was approved by SBA in 2006; the facility opened its doors in October 2007. The Meadows has a total capacity for 81 residents in 56 apartments and includes a wing devoted to providing those in the advanced stages of Alzheimer’s disease or other forms of dementia with 24-hour care.