Located near Pittsburgh in Sewickley, Pennsylvania, Prime Contractor Supply Corporation specializes in underground infrastructure supplies and offers water, storm drainage, wastewater, and aggregate products. Its most common customers include local municipalities, general contractors, and excavators among others. The company’s staff prioritizes delivering high-quality products from its manufacturers to customers in a timely manner through its state-of-the-art logistics system.
Jeremy Tomes, the new owner of Prime Contractor Supply Corporation, was originally a lawyer. Upon graduating from law school at the University of Tennessee, Jeremy went on to practice law in the commercial real estate and finance space. He also currently owns a real estate investment firm. After 8 years as a lawyer, Jeremy wanted a career change and decided to become a small business owner. He began to look at acquiring an infrastructure business, particularly because of the opportunities available with aging infrastructure in the area. Jeremy eventually came across Prime Contractor Supply Corporation and was drawn in by its good reputation, attractive real estate, and established relationships with customers and manufacturers. Diversity in the infrastructure industry is also scarce, so Jeremy saw the business as his chance to meet the federal and state diversity goals that other competitors often cannot meet. He was ready to start the acquisition process – but needed financing to do so.
Jeremy worked with a loan broker to identify financing options for the acquisition. He became interested in SBA lending, particularly because of borrower-friendly terms and lower down payments that would allow him to keep cash flow in the business. The loan broker eventually introduced Jeremy to Adam Whitaker, one of our experienced Business Development Officers, to discuss SBA lending options. Adam worked closely with Jeremy to understand the business and what he was looking to accomplish in order to structure the best SBA financing solution for him. Ultimately, Adam was able to package an SBA 7(a) loan for Jeremy to acquire the business and purchase the commercial real estate with the business, all while meeting his cash flow goals.
Jeremy had this to say about his experience working with Adam and the team at FNB Small Business Finance:
Adam was phenomenal. He went above and beyond what I imagined any banking executive what do. He fought for me to get the deal done and push through the process quickly. Adam has a wealth of knowledge and an entrepreneurial eye. Without him, the deal wouldn’t have gotten done.
Congratulations to Jeremy on the successful closing of his SBA loan! We look forward to seeing what he accomplishes as a new small business owner.
