Problem

A renowned full-service HVAC sub-contracting company in Philadelphia faced a critical challenge; after the sudden passing of its owner, there was no immediate heir identified, and the void in its leadership posed a big risk to the future of the business, the livelihood of its 110 employees, and the continuity of service to its clients.

After being propelled into the new leadership role, a long-time employee and prior VP, concluded that the company would need a substantial loan of $6.1 million to maintain its business operations. This financial need was further complicated by the difficult economic uncertainties of the HVAC industry at the time of the pandemic.
‍

Solution

‍
The new leader sought a financial partner who could provide capital but also demonstrate a deep understanding of the unique dynamics of their business. To have a partner who’s willing to listen intently to the business challenges, appreciate the complexities of the HVAC industry, and recognize the impact of the leadership transition on the company's future.

The company partnered with Firstrust Bank to secure a financial package to help steer the business through these difficult times:
‍

• $3.1 Million SBA Real Estate Loan
• $3 Million Term Loan
• $1.75 Million Line of Credit

Results

The company successfully navigated the transition, maintained its operational integrity, and established a path to long-term sustainability and growth. The company was able to retain its workforce, continue its service commitments, and thrive during the economic challenges posed by the pandemic.
‍

Conclusion

The commitment, foresight, and perseverance of the company's new leadership, supported by a strong financial partner, transformed a potential crisis into a success story.