BizCapital’s $2 million in financing is supporting the continued growth and expansion of RJB Properties and related businesses in Muskogee, Okla.
MUSKOGEE, Okla., June 14, 2007
RJB Properties, LLC recently acquired a one-story, 78,000-square-foot building in Muskogee to house operations and administrative offices for its two operating companies, American Industrial Welding Supply Company (AIWS) and Global Machine Company (GMC).
In addition, the company has received $2 million in financing from BizCapital, the small business lending arm of Advantage Capital Partners in New Orleans, to support continued growth and expansion. BizCapital provided financing for RJB Properties through a small business lending fund Advantage established to provide financing for entrepreneurs whose companies are located in communities that qualify under the federal New Markets Tax Credits program. To qualify for investment from the fund, a company must fit the SBA definition of a small business for its particular industry and be located within a low-income census tract. Loans can range from $250,000 to $2 million for capital to build, rebuild or expand operations and facilities.
RJB Properties will renovate the new building, at 2100 E. Old Shawnee Rd., to create an attractive customer showroom and retail space for AIWS. GMC will also make renovations, more than doubling the size of its machine shop operations from 16,000 square feet in the former location to 39,000 square feet in the new building.
AIWS and GMC are owned and operated by the Bennett family. Founded in 1997, AIWS provides retail and wholesale sales and distribution of industrial products, welding products and pipe valves and fittings. The company’s headquarters will move to the new building; satellite sales offices will remain operating in Tulsa, Okla. and Springdale, Ark. GMC was founded by the Bennetts in 2001 and began operating in 2004. The company provides precision machining (design, development, build to specification) services.
Prior to the acquisition of the new building, the companies operated from separate locations in Muskogee. Both companies had reached the limits of their respective spaces and needed to identify a solution that would enable further growth with minimal interruption in customer service.
“The new building will open a lot of doors for us,” said Richard Bennett, president of RJB Properties. “Being in a larger space with more room for growth will allow us to offer our customers better technology and inventory control, as well as a broader range of product offerings from both companies. To support our expansion, we are planning to hire 10-15 new employees this year, primarily machine operators and sales staff.”
“Moving the Bennett companies into a larger, shared space will significantly increase efficiencies and provide excellent opportunities for growth and expansion,” said Joe Stock, BizCapital vice president. “Richard and his family have a strong track record and we are confident that this new building will allow both companies to further expand their product offerings and customer base.”
BizCapital was first introduced to RJB Properties by Tulsa-based Business Finance Development LLC, which was recently acquired by The InvestLinc Group, a national financial services firm. Business Finance Development, now InvestLinc Private Capital, works with its clients to develop customized, long-term strategies for growth and then leverages its expertise to secure the necessary capital. BizCapital maintains a strong relationship with InvestLinc Private Capital and will continue to work with the firm on investment opportunities throughout Oklahoma.
About BizCapital and Advantage Capital Partners
BizCapital (www.biz-capital.com) is a non-depository financial institution offering competitive loans to small and medium-sized companies. BizCapital’s parent firm is Advantage Capital Partners (www.advantagecap.com), a venture capital and private equity firm focused on investing in promising companies located in areas underserved by traditional venture capital. With offices and partners in New Orleans, St. Louis and several other cities, Advantage Capital has raised more than $750 million in institutional venture capital since 1992.
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