White’s Building Supply, Inc. in Keysville, VA
Borrower : White’s Building Supply
Where : Keysville, VA?
Loan Amount : $1,170,000
Project Type : Small Business Acquisition
Opportunity
Known for its personal service and knowledgeable staff, White’s Building Supply Inc. is an ACE Hardware store and lumber yard in Keysville, Va. Set just off the railroad that runs through the heart of this farmland community, White’s Building Center is a valuable asset to the town and has been a staple in Keysville for decades, used by both construction professionals and weekend DIYers alike. The business was purchased by two new owners with the help of Virginia Community Capital.
Impact
The project helped retain seven jobs that could have otherwise been lost. And not only did VCC provide the new owners the financing to acquire this small business, the owners were granted loans that fully met the practical needs of a small business that demands continuous funding of equipment, supplies, working capital and commercial real estate.
Solution
- Mission-Focused Lending
Funding for White’s Building Supply, Inc. relied on VCC’s attention to detail and ability to adapt to the needs of our client. Business acquisition loans can be difficult for many banks to finance because they often view these types of businesses as “start-ups.” However, we recognized and were successful in providing the business the funding it needed to meet its goals. VCC values businesses like White’s that are important to their communities, and we work with them on a personal level to help them continue to thrive. VCC has a mission to help businesses in underserved markets, and the White’s loan was a perfect fit for our model.