Businessbusiness $2.00 Updateupdate 1993-2011 Ublicationublication Features: Assisted Care SBA Lending Education Elec/Mech Fleet
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August 2011 BusinessBusiness $2.00 updateupdate 1993-2011 ublicationublication Features: Assisted Care SBA Lending Education Elec/Mech Fleet 50 Years in Heating • Air Conditioning • Refrigeration Financial Boost Provided for 2 Small Businesses By Ted Booker apply for more funding. loan, a certified development company be approved for these loans, the SBA first While banks don’t usually offer provides up to 40 percent through an evaluates the cost of rebuilding the prop- Small businesses vary widely in annual loans totaling more than 75 per- agreement backed by the SBA, and the erty, then the applicant’s repayment abil- size, ranging anywhere from a couple of cent of a business’ last year’s profit, the applicant provides 10 percent. The maxi- ity, and finally, whether the applicant entrepreneurs to companies with more SBA frequently grants loans for the full mum amount for these loans is $5 mil- could instead qualify for a loan in the than 100 employees. But when these amount. lion for any business and $5.5 million for commercial market. If the criteria are businesses are ready to expand—adding SBA programs “allow access to cap- manufacturers. met, the loans are usually approved more employees or investing in new proj- ital that’s not conventionally available,” While manufacturers use the 504 within a month. ects—strict lending requirements from said Picarazzi, adding that Michigan’s program to purchase equipment, Picarazzi The uptick in SBA loan volume, this banks often stand in the way. SBA program now leads the country in maintained the program is mainly geared year, indicates a growing economy in This is where the Small Business the number of loans that have been toward small business owners who are West Michigan, Picarazzi said, adding Association (SBA) steps in to help, part- offered to businesses this year. seeking to own their own buildings. that participation from area banks and nering with banks and credit unions to Depending on a small business’ size Through the SBA’s microloan pro- credit unions has similarly climbed. offer affordable loans that can meet a and cash flow, the SBA has an array of gram, with loan amounts of up to “I think we’re seeing a turnaround,” business’ financial needs. By providing programs to meet a wide range of needs, $50,000, certified microloan lenders in Picarazzi concluded. “Customers are government-backed guarantees, SBA Picarazzi said. West Michigan—such as Cornerstone using our loans to grow and expand their loans offer more money and lower pay- The SBA’s 7(a) lending program Alliance of Benton Harbor and Northern businesses, and lenders are approving ments than those traditionally offered by offers loans that serve multiple business Initiatives of Traverse City—are able to them. We’re seeing more participation lending institutions, said Brian Picarazzi, purposes, from adding personnel and assist entrepreneurs with their startup from lenders across the board.” senior area manager for the SBA’s West purchasing real estate or equipment, to business endeavors. The loans—offered For more information about SBA Michigan regional office in Grand Rapids. acquiring more working capital to shore by non-profit financial intermediaries— loan programs, Brian Picarazzi can be Because lenders participating in the up financial losses. The maximum size of often provide a solution for those startups reached at (616) 456-5512. program are guaranteed repayment for these loans is $5 million, which was that cannot acquire credit from financial up to 90 percent of SBA loans, Picarazzi increased from $2 million by the Small institutions, perhaps because of bruised Freelance reporter, Ted Booker, has said, they are often able to extend the Business Jobs Act of 2010. credit or lack of collateral, said Picarazzi. published articles for The Holland time for repayment, sometimes up to ten The 504 fixed asset financing pro- To help businesses recover from Sentinel, Business Update Publication years. Loans traditionally offered for 20 gram, by contrast, only offers loans for natural disasters, the SBA also offers and The St. Ignace News. years, for example, are often stretched to real estate purchases or large construc- low-interest loans through its direct 25 years, and the qualifying require- tion equipment. Based on the project assistance program, which subsidizes ments are relaxed so that businesses can cost, a lender provides 50 percent of the projects to repair damaged property. To Seaman’s Sails Fifty Years with Family 4 and Core Values on Deck By Amy Cygan Whether you’re third-generation Kim or “It isn’t a political game here: It is financially strong company not only Jacob Seaman, or you’re Rick Walker- what you see. From the time you walk means bringing in revenue, but relates to Don Seaman could not have predict- director of business development, Dave into Seaman’s, you want to be a part of how we treat our vendors. We have a ed that his Grand Rapids-based company, Galbreath-operations manager, or it—I love this company.” strong reputation with our vendors, founded in 1961 as Seaman’s Air Patricia Van Kuiken-assistant general Dave’s Voice – “The Industry” because Seaman’s pays—through the Conditioning and Refrigeration, would manager—“You’re not a number whatso- “Commercial and industrial type good times and the bad. sail to its 5oth anniversary—let alone, on ever,” as Patti points out, “but a part of sales grew quickly for us in the 90s dur- “When the economy dropped off in second-generation waters. Randy the culture of this company.” Indeed, ing the building boom, and even though 2008, it caused us to sharpen our pencil. Seaman, the son to whom Don passed the Randy insists upon the voice of his “fam- the process presented some challenges, We already had a fantastic culture—Patty company oars in 1988, aims to preserve ily” being heard: we hired many employees and focused on had been instrumental in keeping that the integrity of his father’s business by Patti’s Voice – “Family” the education and training of our field culture alive—and the tremendous focus continuing to provide high quality heat- “When I was hired by Don Seaman, technicians—all while maintaining that on quality, not taking shortcuts, was a ing, ventilation, and air I noticed he treated me as an equal. It quality standard, which we simply don’t hallmark of the company, but the market conditioning/refrigeration (HVAC/R) didn’t matter that I was sitting in the deviate from. To hold your values and had changed. The economy had created services to residential and commercial back room doing the typing; I was just as your quality, and still make a living is more cost-conscious customers, and customers, but also strives to nurture a important to him as anybody else. certainly tough when the economy back- more intense competition. Consequently, company-wide “forward thinking” men- “Back then, we had the triplicate slides, but we’ve successfully managed. we shifted from being a high-quality tality. Yet even beyond journeying the forms with the carbon copy, the upright “The communication and interaction provider of equipment and installation to waves of the future—Randy realizes that typewriters, and the old dispatch system,” between our field technicians and our being a business-solutions company. without his dedicated employees, there Patti laughs, “and there were only about customers is one area that has evolved “That shift has driven us to do ener- could be no sea to sail. ten employees. Those were great times! for us. Today’s customers are more gy audits and to focus on indoor air-qual- For Seaman’s, “employee” and “But there was also this ‘unspoken involved, so we’ve concentrated heavily ity, which has become a huge issue in the “family” are interchangeable words. etiquette’ that existed. When Don would on in-house customer service training. medical market and office environments. go out to quote a large service repair, it “The Internet and computerized “As a team, one of our charges was was his handshake that meant something. technology, naturally, have affected the to elevate our project management pro- Business Companies today, still connect us with HVAC/R industry. Now, rather inexpen- fessionalism. When the economy is lush being part of that ‘good old boy’ group. sively, we can install equipment that will and margins are higher, some variation updateupdate “The core values instilled in this allow for the temperature in one’s busi- doesn’t mean much, but when bidding ublication company, like honesty and integrity, have ness to be modified from a web-based with low margins, precision is key. The never been compromised, despite the phone, from anywhere in the world. three of us have collaborated to create a Publisher: Gary Kralapp reins passing from father to son. The “But traveling back, Don started his professional project mgmt. process that focus and direction of the company shift- repair and installation business because has significantly impacted the company’s Business Development ed, however, as Randy took control. From he recognized a need for air conditioning progress. Senior Vice President: Diane LaPreze the beginning, we were primarily all serv- contractors. At the time, businesses were “Another huge shift that we’ve seen Senior Vice President: Jim Lroy ice, but when Randy was in sales, we just beginning to utilize the equipment, corresponds to education. In Don’s era, Circulation: David Calkins secured larger projects and moved toward and most residences did not have them. our field technicians were mostly high the commercial and industrial side. Rick’s Voice – “Business” school graduates. Randy has an associ- Contributing Writers: Ted Booker, “Over the last ten years, Randy devel- “The fact is that between the gov- ate’s from Ferris and has developed his Brian Van Haren, Mindy Koschmann, oped his middle management and leader- ernment’s regulations on the manufac- networking skills on national and local Scott Perry, Andreas Fein ship teams; he was always thinking about turing of HVAC/R equipment and the platforms.