Growth and expansion brings business owners into SBDC
PO Box 1037 Fort Morgan, CO 80701
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Greenbank, Inc. has grown under the leadership of Milton Greenback. This called for the young entrepreneur to build a second machine and mount it on a new truck. He also had to expand his building in order to keep the machine in a dry atmosphere. The machine is installed on a truck. Milton’s father designed the first machine in Australia and brought the machine to the United States where it was patented 21 years ago.
During five months of the year, the company has a large amount of income coming into the business. However, during the winter months, they have zero incomes even though they still have overhead costs. In the past, they have gone to the bank for a line-of-credit. However, they wanted to change that cycle. With the help of long time SBDC business counselor, Dr. Merle Rhoades, they are able to change the way of managing the business. They have written a business plan to be used as a guide. They received a $200,000, ten-year loan to pay for the building expansion, the fabrication of the new machine, and to have startup money for the new season. With Rhoades’ assistance, they have developed a monthly budget for the company, which is monitored by the office manager. This is helping them to retain jobs.
Rhoades also connected the office manager with an Agriculture and Business Management program at Morgan Community College in order to strengthen her accounting and recordkeeping skills. The SBDC counselor continually oversees the progress of the company’s management. “I will be helping them to analyze and understand their financial statements soon," states Rhoades.
“Working with SBDC helped us to get the loan from Fort Morgan State Bank. Our plan is for the company to be debt free within five years."