Virginia Heritage Foods, located in Ashland, Virginia, is a grocery wholesale distributor that partners with many supermarket retailers and military commissaries across the state. The company acts as a liaison between manufacturers and retailers, and is able to merchandise, warehouse, and deliver over 300 food items to its customers. With over 30 years in business, Virginia Heritage Foods has a strong track record of customer service and satisfaction, which has contributed to its overall growth and success.
Roy Welcher, the new owner of Virginia Heritage Foods, always knew he wanted to be a small business owner. Roy has a strong background in business, having majored in economics in college, dabbled in real estate ventures, and eventually pursued an MBA. After a lengthy business career, Roy decided to finally pursue his passion and own his own business. He worked with a local business broker who helped him understand the process of buying a business and what the next steps were for financing. After evaluating his financing options, Roy determined that an SBA loan would be the best fit, particularly because of the lower down payment and interest rate flexibility. The business broker recommended that Roy partner with Dennis Wagner, one of our experienced Business Development Officers, on this transaction.
Dennis scheduled an initial conversation with Roy, where he learned about the business and what Roy was looking to accomplish. Since Roy was unfamiliar with the SBA lending process, Dennis acted as his guide and helped him gather all of the documents he needed, remaining responsive throughout the process. Ultimately, Dennis was able to structure an SBA 7(a) loan to acquire the business and provide working capital so Roy could keep cash flow in his business for operational needs.
Roy had this to say about his partnership with Dennis and FNB Small Business Finance:
Dennis had my best interests at heart. He was always available and communicative about what to expect next during the process, which put me at ease. I would definitely recommend Dennis and FNB!
It was a pleasure partnering with Roy on this business acquisition, and we can’t wait to see what he accomplishes in the future!
