unleashing
national impact
igniting local
transformation
A 50-year-old second-generation Native American business approached the Maricopa SBDC, facing a critical financial challenge. Rising interest rates threatened the sustainability of their SBA 504 loan, with floating-rate payments forecasted to increase by as much as 48%. This steep rise severely strained the business's cash flow and profitability, jeopardizing its future. Despite a long legacy of serving the community, the company was at risk of closure due to the unsustainable burden of escalating loan payments.
"Rick, seriously, by the grace of God, I was able to connect with you at the beginning, and you came through for me with 100% of what we needed. You lined me up with options on CDC lenders, and I was able to connect with Geoff. Whenever I share my experiences with others about our experience this last year, I name you by name as our SBDC counselor."
The Maricopa SBDC collaborated with multiple lenders and CDCs to initiate a new SBA 504 loan application after securing a release from the original lender, who declined to convert the loan to a fixed rate. Over seven months, the SBDC dedicated more than 30 hours to navigating complex loan documentation, coordinating with lenders, and addressing environmental concerns. Their efforts supported a newly constructed I-8 interstate-fronting C-Store, gas station, and wrecker service in rural southwest Maricopa County, ensuring the business could secure sustainable financing.
The client successfully refinanced their SBA 504 loan, achieving a significant 400 basis point reduction in the weighted interest rate. This refinancing lowered annual payments by approximately $51,000, providing immediate financial relief. Additionally, the new fixed-rate structure offered predictable payments, enabling better budgeting and significantly improving cash flow and profitability.
Bill Hattan embarked on his entrepreneurial journey to create a product that would revolutionize the limb loss community. However, as a start-up, SleevSaver faced significant challenges common to new ventures: navigating business planning, securing funding, and connecting with the right resources to support growth. Bill knew he needed guidance and mentorship to overcome these obstacles and effectively bring his product to market.
"The support from the SBDC has truly transformed my business. Their guidance and resources have empowered me to advance my business with confidence. I wouldn't be where I am today without their ongoing support and valuable insights."
In 2023, Bill Hattan partnered with the Small Business Development Center (SBDC), which became a critical resource for SleevSaver's growth. The SBDC offered tailored support to help Bill refine his business strategy and navigate the challenges of launching an innovative product. Through personalized coaching, he developed a strategic business plan that positioned SleevSaver for success.
The SBDC also connected Bill with valuable resources and contacts, opening doors to funding opportunities and industry networks he might not have accessed alone. Their guidance was instrumental in preparing Bill for the Quad Cities Moonshot Rural Pitch Tour, where he secured second place—a testament to SleevSaver's potential.
Beyond one-on-one support, the SBDC provided ongoing opportunities for learning. Bill participated in workshops and training sessions designed to enhance his business skills and keep him informed about market trends. With the SBDC's expertise and encouragement, SleevSaver gained the momentum needed to establish a strong foundation and a clear path toward success.
Since partnering with the SBDC, Bill Hattan has achieved remarkable milestones, driving SleevSaver's growth and success. With over $100,000 invested in product development and business operations, the company has gained significant momentum. Bill secured a private investor, enabling expansion efforts and fueling his vision to revolutionize the limb-loss community.
Sales have grown steadily, positioning SleevSaver for scalable success. Through collaboration with APEX Accelerators, Bill became a SAMS-qualified vendor, opening the door to marketing SleevSaver to government agencies, including the Veterans Benefits Administration. This milestone expanded opportunities to reach a broader audience in need of his innovative product.
Participation in trade shows has also played a key role in marketing the product and growing SleevSaver's customer base. Bill enhanced the product's packaging to better reflect its quality and functionality, further appealing to consumers. His ongoing commitment to learning is evident in his regular participation in SBDC-hosted workshops and training, which continue to refine his business strategies and leadership skills.
With the SBDC's guidance and his determination, Bill has positioned SleevSaver as a growing force in its industry, making a meaningful impact on the limb-loss community.
Before launching their own business, the owners spent years working together at another company, refining their skills and building a strong professional partnership. This experience not only deepened their expertise but also solidified their vision for creating a business of their own.
When they set out to turn their dream into reality, they quickly encountered several challenges. While they had a basic plan in place, it lacked the detail and precision needed to guide their startup toward success. Key elements such as a clear timeline, a comprehensive capital forecast, and a sourcing strategy were missing, leaving significant gaps in their approach.
These obstacles threatened to stall their progress, making it evident they needed additional support to transform their initial concept into a viable and scalable business. Despite their strong foundation of skills and collaboration, they recognized the importance of expert guidance to address the gaps in their planning and overcome the hurdles in their entrepreneurial journey.
The company, in collaboration with their SBDC counselor, undertook a comprehensive business plan refinement. This included identifying their target audience, setting expansion milestones, crafting compelling messaging, and developing a robust financial forecast.
To secure the necessary capital, the company worked closely with their counselor to determine their funding needs, connect with potential lenders, select the most suitable lender, and successfully complete the loan application and funding process.
The company successfully secured SBA debt relief with the SBDC's guidance. Beyond capital acquisition, the SBDC offered invaluable support through referrals for operational assistance, networking opportunities, marketing and speaking engagements, potential clients, and ongoing business coaching. The client continues to collaborate with their counselor to drive further business expansion.
