2011 EDGE Awards
Emerging Business - Lucas Oil Center
In 2007, Brenda and Bill Floyd came to the ISBDC
wanting to build and operate a car wash/oil change/coffee shop in
Newburgh. They had researched construction costs and had talked to
Lucas Oil about using their brand name for the shop. Over 40 hours
of ISBDC assistance was provided, including business plan development,
financial projections, and research of local demographics. This
work culminated in the approval of $1.7 million in
financing from First Federal Savings Bank. Forest Lucas of Lucas
Oil was convinced that this unique type of "center" including an
internet cafe' would be successful and has made a substantial investment
in the company. Potential of significant expansion opportunities
are being planned. The business will open in early March and plans
to employ upwards of 30 employees, with 75% working full-time.
"One
of the very first things we did was join The Chamber of Commerce
of Southwest Indiana. This proved to be one of the most impactful
decisions we made as we discovered what services were available free of
charge from the ISBDC. Through a series of one-on-one meetings, we
fine tuned our business plan and developed a more detailed pro-forma
that would not have been possible without the insight and experience
from the ISBDC. These meetings and assistance are what helped
secure our lending package that now have put Lucas Oil Center into
construction."
Bill and Brenda Floyd
Established Business - TXT Book Rental
Alex Beaver came to the Southwestern ISBDC right out
of college in 2008 with the dream of opening the first of many college
text book rental facilities. He had a business plan, but little
funding. ISBDC Business Advisors connected him with Borrego
Springs Bank, and with the receipt of $25,000 SBA loan, the business
opened in August 2008 with three employees.
In over 60 hours of
counseling, ISBDC Business Advisors have helped with general management
advice, assistance with recordkeeping, inventory systems, taxes, and
contacts with angel investors. More recently, TXT Book Rental has
obtained $100,000 from Integra Bank which enabled a significant increase
to inventory.
"The ISBDC's Business Advisors do not only listen,
they also give excellent feedback. Whether about marketing ,
management, accounting or anything else related to business, they are a
phenomenal resource. Thanks to the Southwestern ISBDC,
TXTBookRental's chances of becoming a great company have skyrocketed.
We look forward to a great relationship throughout the journey of
building our company to reach its full potential.
Alex Beaver
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