ValCon Masonry, Inc. in Virginia Beach
Borrower : ValCon Masonry, Inc.
Where : Virginia Beach, VA
Loan Amount : $415,000
Project Type : Line of credit refinancing
Opportunity
ValCon Masonry is a woman-owned, Class A contractor with a loyal team serving the Hampton Roads, Virginia Peninsula, and northeast North Carolina area. The company was founded in 2011 by Cassandra Kramer, who has more than 30 years of experience in the Commercial Masonry industry (bricklaying, stonework, and the like).
Prior to forming ValCon, Cassi worked at Coastal Masonry as its chief financial officer before the owner decided to retire. With an entrepreneurial drive, she formed her own masonry company. ValCon is fortunate to employ a nucleus of the finest craftsmen as well as experienced administrative staff. Each employee brings years of trade experience offering their own attributes to the success of ValCon’s growth. Coastal’s former owner, Don Johnson, has recently joined the ValCon team as Director of Business Development. “Our focus on integrity and quality has allowed us to form strong relationships with construction managers; we execute every day delivering a high level of customer service to meet the owner’s goals, ” Cassi says.
ValCon has grown every year since inception, tackling the masonry on projects including the Zable Football Stadium at The College of William & Mary, The Slover Library in Norfolk, The Barry Arts Museum at Old Dominion University and The Sentara Belle Harbour Health Center Hospital in Suffolk.
Impact
The masonry industry is highly fragmented, with many small-scale, geographically dispersed contractors operating in each market. Masonry companies like ValCon specialize in brick, block, and stone laying, tuck-pointing, cleaning, and caulking. It’s a dirty and demanding job – and they’re very good at it.
During the past five years, the rapid growth of the housing market has served as a catalyst for industry revenue growth. Over the next five years, masons anticipate sustained but decelerated growth in the residential and commercial building markets. Masons like ValCon must be prepared for future expansion, technological advancements, and the continued ability to retain employees in a tightening labor market.
Solution
VCC is refinancing ValCon’s line of credit and five equipment loans from Southern Bank. The refinancing will allow ValCon to continue covering the many expenses required to perform quality, consistent work while smartly taking on debt to grow into the future.
ValCon prides itself on keeping a close-knit business with its partners – and so do we. VCC works with companies such as ValCon to help them create jobs, expand into larger locations, buy new equipment, and face an often uncertain future. Outside of financial assistance, we offer free technical advisory services to ensure the success of the projects and people we support. We connect business owners and community organizations with important partners, provide knowledge and experience with complicated projects, and seek to develop innovative solutions to challenges.
Learn more about Small Business Lending.