A startup manufacturing client in rural Florida approached the Florida SBDC at UWF with an ambitious vision: to establish a large-scale operation that would include significant capital investment in land, facilities, and specialized equipment. Over several months, the consultant provided strategic guidance and coordinated key partnerships to help the client move closer to launch.
Challenges Identified
The client needed a clear funding strategy to support land acquisition, the potential for construction of a manufacturing facility, and equipment purchases totaling nearly $20 million.
The client also needed help identifying and applying for relevant grants, and structuring a financing package.
After over two years of consulting and the development a trusted, long-term relationship, the consultant assisted with these key elements to help the client prepare for success:
- Funding Strategy & Preparation: The consultant worked with the client to identify funding gaps and potential sources, including SBA 504 loans. This included compiling a detailed equipment list, estimating costs, and planning how the funds would be allocated across phases.
- Partnership Coordination: The consultant facilitated calls with a regional SBA lender to explore structuring options for a 504 loan. These discussions included Florida SBDC Network partners from the Florida First Capital Finance Corporation (FFCFC), which helped clarify the requirements and expectations for financing approval.
- Opportunities & Grants: The consultant identified training grant opportunities through the region’s local CareerSource boards, supporting the client’s workforce development plans. In addition, the consultant helped the client research local opportunities with regional economic development organizations and county/municipal tax initiatives.
- Project Management & Documentation: Throughout the engagement, the consultant helped the client stay organized by outlining documentation needs, setting timelines, and preparing for partner meetings.
Outcomes Achieved
The client successfully acquired and contributed more than $22 million in capital towards the project. A financing path for the facility is underway. Multiple strategic planning sessions, calls, and follow-ups have helped the client stay focused and prepared for each funding opportunity. The client is progressing toward a fully operational manufacturing facility, with job creation and long-term impact in mind.
Why This Matters
Access to capital has remained a top priority of all small businesses in a tight lending environment, and rural clients are more likely to seek the business loans or equipment loans that SBDC consultants work with every day. While credit can be accessed through traditional lending, firms are more likely to report that interest rates were impacting their capital spending or expansion plans. Working with an SBDC consultant can help small businesses, especially rural small businesses, find credit solutions that work for their continued growth and success.
