In 1991 Carl Crewson purchased the majority ownership of a marine trailer manufacturing company in Humboldt, IA. Although Carl and his family are from Canada, he was very familiar with the marine boat manufacturing process as he owned and operated a similar company in Canada.
Rod Harklau, the general manager and a minority stockholder stayed on to manage the company. Business was thriving until the economic slowdown which affected the sales of recreational products. Thanks to the Small Business Jobs Act of 2010 which allowed for the refinance of existing debts using the SBA 504 loan program.
The borrower was able to consolidate debts with long term financing at a low interest rate. The company could position itself to take advantage of opportunities for growth when the economy improved.
SEDC would like to thank Bank Iowa in Humboldt for their participation in the refinance of HLT Limited.
Location: Humboldt, Iowa
Client: HLT Limited
Partners: Bank Iowa in Humboldt
Financing: SBA 504 loan program
Details: The borrower was able to consolidate debts with long term financing at a low interest rate