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Digging for financing to keep doors open
- Saved 61 full-time jobs in the community.
“A number of our competitors were forced to close down. We needed to make sure our doors stayed open for our 61 full-time employees and the community.”
—Myrl Davies, Owner
To meet the growing needs of its customers, E-Z Excavating expanded its operations to include site grading, asphalt paving, and general contracting. When the economy crashed, E-Z Excavating’s revenues dropped by more than 70%, leaving the company with a massive debt load and minimal liquidity. Many construction companies were forced to close down.
To counteract this, E-Z Excavating proactively worked to remedy the situation. The company refocused its efforts, created a restructuring strategy, and auctioned off surplus equipment.
But, E-Z Excavating still needed to completely restructure its remaining debt, and had trouble finding the financing to do so from traditional lending sources.
CRF stepped in to help with a $1.4 million SBA 7(a) loan to refinance E-Z Excavating’s remaining debt. This dramatically reduced the company’s high monthly payments and helped set the stage for success.
E-Z Excavating was committed to keeping its doors open. Because of this commitment, 61 full-time jobs were saved in the community. The company has a diverse workforce and employs 25 Hispanic and three female employees. It is truly a staple in its neighborhood.