LEFCO Industries, LLC
Larry Fulton had a good business plan, an aggressive marketing plan, effective management, and a strategy for debt refinancing when he came to ShoreBank Enterprise Cleveland (SEC) in 2005. His company, LEFCO Industries, LLC, manufactures custom crates, pallets, steel racks, and provides assembly services for businesses. When he bought the business in 2003, he had three employees, two customers, and substantial debt.
“I needed to increase my cash flow by lowering the interest expense on my debt,” explains Larry. At SEC “I qualified for debt refinancing at a substantially lower rate than my bank could provide. That increased my cash flow, which enabled me to invest more in growing my business. Now I have 17 employees, provide shipping solutions to Fortune 100 companies and compete in the global marketplace. And we’re still growing.”
“SEC can also provide assistance in areas where traditional lenders can’t. For instance, when Chris, SEC’s CEO, found out I was searching for a larger manufacturing space, he made some phone calls on his own. I wanted to remain in the City of Cleveland, and he wanted to help me stay. He set up appointments with a real estate broker to see prospective sites, and even came along with us. SEC had no vested interest in that transaction. But Chris knew he could help, so he did. It’s that type of support – the relationship, the communication, the ability to help – that separates SEC. Traditional institutions could not have helped me to that degree.”