Commercial Lending

There is no question that small business owners have been through a tumultuous time over the past few years. Through the hardships brought on by the pandemic and its ongoing economic and social impact, business owners have dealt with unparalleled pressure to remain resilient and determined to sustain and grow their companies. In 2022, the Small Business Adminstration's (SBA) Small Business Week is honoring this tenacity with the theme Building a Better America Through Entrepreneurship. As we look to examples of businesses who continue to persevere through uncertain times, The Bancorp Commercial Lending team highlights customer Chris Reda, Co-Owner of SERVPRO® franchise locations in Orange County, North Carolina.

As an experienced and successful small business owner, Chris was made aware of a SERVPRO® franchise owner looking to sell the business through a friend. Located in a competitive neighborhood in North Carolina, Chris saw an opportunity to expand his footprint by purchasing the nationally known fire and water remediation franchise-owned company. To do this, Chris looked for a lending partner who would be able to provide not only the funding necessary to buy out the previous owner, but also an SBA lender who would provide the support necessary to successfully make this leap into a new industry. Though he had worked with other SBA lenders for his other businesses, Chris decided to engage with The Bancorp Commercial Lending and its team of Small Business Lending experts. Through this process, The Bancorp team worked with Chris to provide the information necessary to get the proper funding to acquire the business while allowing Chris and his team to focus on the requirements and needs of the franchise. To Chris, it was important to have an experienced lender who specialized in business acquisitions and provided the backing and support to help simplify this process.

Though some companies experience uncertainty with current staff when a business is acquired, Chris and his team were able to keep all employees that were hired under the previous owner. Adding a breath of fresh air to the franchise, Chris’s team was able to grow the business by providing a new business plan that helped better serve members of the community. As with any business owner new to a franchise, there was education and training necessary, but through his leadership employees found a new pride in their jobs and the SERVPRO® brand.

While Chris initially engaged with The Bancorp for a small business loan, SERVPRO® also required vehicles to meet customers on-site throughout Orange County. Focused primarily on cleaning and restoring water, fire, and mold damage, SERVPRO® works with customers to provide duct cleaning, trauma scene cleanup, and building maintenance which means owning vans to transport employees and equipment to homes and buildings that have been damaged. To help replace and purchase vehicles necessary to support the expanding business, Chris reached back out to The Bancorp Commercial Lending to engage with its Commercial Fleet Leasing team. With the team, Chris was able to secure the funding to purchase 3 vans.

By working with The Bancorp Commercial Lending team, Chris was able to pair his experience as a successful business owner with the expertise of the Commercial Lending’s small business lending and fleet leasing experts to acquire and effectively grow multiple SERVPRO® franchise locations in a time where many businesses were struggling to stay afloat. Through his resiliency and the partnership with The Bancorp, Chris utilized his entrepreneurial spirit to enter into a new industry as a business owner and provide necessary services to his local community.