Individual questions from the video interview with Stephen Brodie
Stephen Brodie, Owner, Pacific Seacraft
Q. How has the Rural Ventures Fund helped Pacific Seacraft?
A. The NC Rural Center was one of the few options available for a new company like ours. Our situation was unique in that we were starting off with a lot of infrastructure in place including all of the required tooling and equipment, production personnel, and an established dealer network. Even with all of this "head start", traditional lending institutions still viewed us as a start-up business. Couple this with the start of the current economy woes and it was difficult to even get anyone to talk to us. Venture capital money was available, but the expected returns were absurd. While the Rural Venture Fund loan is more aggressive than traditional lending, it is far more palatable than venture capital or angel investor money. In short, we would not have been able to pull this off without Rural Venture unless we were willing to give up a controlling interest in the company.
Q. From your perspective, how is the loan from the Rural Ventures Fund unlike a typical small business loan?
A. Rural Ventures Fund takes a much less rigid approach to lending with more focus on future potential and less on history.
Q. What sort of assistance has the NC Rural Center offered to help manage the long-term growth of your company?
A. The NC Rural Venture Fund helped us to get over "the hump." We were almost to the point of being self-sustaining and just needed a little bit of help. The Rural Center filled that gap. Today we are like everyone else struggling to survive in tough economic times, but we are doing far better than most in our industry. Additionally we are putting food on the table for a lot of families and helping increase the tax base.
Q. What advice would you offer to other small businesses attempting to make it through tough economic times?
A. I would advise that for the first ten years regardless of whether times are good or bad that you spend every dime as if it were your last. I would also recommend having a person on staff responsible for seeking out and exploring available county, state, and federal incentives. It is amazing what is available if you just ask.
Watch the NC Now Feature
An interview with Stephen Brodie