Lefco Industries, LLC

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“ It's a relationship thing... And it's working.”

-Larry Fulton
Lefco Industries, LLC

Lefco Industries, LLC

Pallets to the World

Sometimes, it just takes a pallet to move mountains.

But in Larry Fulton’s case, it helped to have a good business plan, an aggressive marketing plan, effective management, and some strategic debt refinancing.

Then the move from local to global markets became possible.

Larry’s company, LEFCO Industries, LLC, manufactures custom crates, pallets, steel racks, and provides assembly services for a variety of businesses. When he bought the business in late 2003, he had three employees, a lot of wood, two customers, and substantial debt. ShoreBank Enterprise Cleveland helped improve that situation.

“I needed to increase my cash flow and by lowering the interest expense on my debt,” explains Larry. “I knew about ShoreBank Enterprise Cleveland from my involvement with the Small Business Administration. I called them to discuss debt restructuring options.”

“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 do that. He set up appointments for me with a real estate broker to see some 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. Most loan officers could not have helped me to that degree. It’s a relationship thing… and it’s working.”

Copyright © 2006 ShoreBank Enterprise Group, Cleveland

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