TMC Success Story – VSR Industries Inc.
VSR Industries Inc.; Henderson Nevada; Colton Vollmann CFO; Leo Wright Director; Charles DeGregorio President
• SBA 504 Financing
• Total Debt Refinanced: $5200000
• Jobs Retained and Created: 147
• TMC Lending Partner: Service 1st Bank of Nevada
The double whammy of a collapsing Las Vegas real estate market and a worldwide downturn in casino gaming could have been a fatal blow for VSR Industries’ CFO Colt Vollmann. But Vollmann an ex-banker saw the opportunity inherent in refinancing with an SBA loan.
“The building we owned had decreased in appraised value and our loan had become an albatross around our necks” says Vollmann. “Refinancing through the SBA gave us the leverage we needed to restructure a completely new financing package with a new bank including a line of credit for working capital.” In fact it was the new banker who encouraged Vollmann to look into the SBA’s debt refinancing opportunities and recommended working with TMC’s Ann Santiago.
“Ann’s knowledge of both the SBA and the banking industry enabled her to walk us through the hurdles with a minimum of effort” says Vollmann.
VSR which manufactures and sells locks lock bases and slot machines realized a savings in excess of $100000 annually which freed up money for growth and hiring. VSR’s headcount is up by 30 to 165 employees.
VSR recently landed a huge contract to sell slot machines to Macau China. Vollmann is proud of the fact that everything VSR manufactures and sells is made in the U.S. saying “Resources may be inexpensive elsewhere but security is a huge thing and our relationships worldwide are key.”