A start-up industrial vacuum truck company was looking for a financing partner that understood their specialized industry, their business, and the equipment they needed.
The company founders had a strong business plan, but the banks didn’t understand their need for large, very expensive, specialized equipment and weren’t willing to lend them the money to start the company.
The business owners, Kim Ormiston and Daniel Strasburg, each had years of experience in the industrial vacuum industry, having worked for another company until it was sold. For their new company they developed a business plan outlining the work they would do, the target customers, the competition and the equipment they would need.
They learned that Commercial Credit Group (CCG) had experience financing the large vacuum trucks and the support equipment they needed so they arranged a meeting. Kim met with the CCG team and presented the business plan, revenue and profitability projections, and explained their goals. The CCG team of sales and credit underwriters, with their extensive experience financing vacuum trucks, recognized that Kim and Daniel thoroughly understood the business, the industry and the market. BG Industrial took delivery of their first vacuum truck in December 2019.
BG Industrial began operation in 2019 with two employees and one vacuum truck financed by CCG. As their business has grown, demand for their services has increased, and they continue to bring on new customers, expand their equipment fleet and employee base, and broaden their geographic service area. Four years later they have two vacuum trucks, several support vehicles, and eight additional employees.
CCG and BG Industrial have developed a strong working and personal relationship that enables them to discuss business opportunities and challenges, including new equipment needs. In addition to financing the initial purchase of their equipment, CCG has refinanced their equipment to help reduce monthly payments and provide working capital to continue business growth.
“Our experience working with CCG has been incredibly awesome. Their team has provided insight into how the finances work behind the scenes for the industry and are responsive to our needs as a company. They know what we do and what we need. That's been extremely important to me, and I respect it.” – Kim Ormiston