When you’ve perfected the art of all-natural frozen comfort food, selling it is easy, except during hot summer days. Despite steady growth over three generations, Blake’s seasonal sales strained resources during the slow months. As a result, the company needed funding that could bridge it from spring to autumn.
The obstacle
The 80-year-old company needed capital during the months when profits were low and collateral was scarce.
Why VFG made this investment
The team at Blake’s knows their business. With generations of experience, steady sales growth, and strong internal financial systems, they could demonstrate exactly when the lean period would start and end each year–down to a specific day of the week. As a result, a compelling case could be made as to exactly when repayment of a bridge loan would occur.
The result
Blake’s used the seasonal funding for two years, after which it no longer needed that support. It has continued to expand its product line and expand into more markets across the country and added dozens of jobs. In 2014, company president Chris Licata was named New Hampshire Small Business Person of the Year.
Links
Blake's website
Profile in Business NH Magazine
Business success story on New Hampshire Community Loan Fund site: Values are a good match for family business
