Colorado Enterprise Fund Sucess Stories
Colorado Enterprise Fund - Lending more than money for over 30 years.

Don's Custom Countertops

Don and Jacqueline Fesenmeyer
Longmont, Colorado

Colorado Enterprise Fund is often a resource when a good company falls on difficult times. Don and Jacqueline Fesenmeyer began their cabinet and countertop design and construction business out of their garage almost 25 years ago. By 1998, the Company - Don's Cabinets and Countertops - was growing so much that it was able to purchase a building to house the operation. The expanded space enabled them to grow sales from less than $200,000 to about $900,000 in only 3 years.

In 2001, the company experienced a sudden 80% downturn in sales as a result of problems in the high-tech business sector and the general economy in recession. This in turn threw cold water on Don's upper-end remodeling niche. Our loan allowed Don to cash flow basic operating expenses while he figured out how to deal with the bigger picture. Of course, the economy became worse and then came 9/11. It was during this time that CEF began providing intensive one-on-one management consulting to address long- term operations, marketing and financial aspects of the firm. CEF provided Technical Assistance which helped Don identify issues that were straining his business and depleting cash flow. Product mix and profitability of each product was analyzed with the assistance of CEF's management consultant to help him maximize profits and return to a positive cash flow pattern. Financial management training helped him to understand his numbers better and improve his overall financial reporting. The result was a streamlining and reduction in overhead costs.

When the economy began to turn around Don's was ready with a much improved strategic plan, operating system and financial cost structure. Sales have increased from under $900,000 in 2001 to over $2.5 million today. The company now employs 12 people. CEF has provided additional loans to finance this growth, and today, the company is truly one of our best success stories.

The Boppy Company

Susan Brown
Golden, Colorado

Many women dream of how to mesh their roles as mothers and business women, but Susan Matthews has turned that dream into reality for herself and her 15 employees. "Having my own business has been a dream I have had since I was a little girl. It has been everything to me that I imagined. It has allowed me to be my most creative, and actually see my ideas put into action. It has let me establish a working environment that works for my life, and for the lives of my employees. I feel immensely empowered to know that I could succeed when put to the test, and believe strongly in the power of small business in America."

Matthews was named the 2007 Entrepreneur of the Year by the Small Business Administration. She was also named Entrepreneur of the Year by the Colorado Women's Chamber of Commerce in 1996 and ranked number 29 on the Denver Business Journal's 1998 list of the 150 best privately-owned companies, and number 28 on the 2000 list of fastest growing privately held companies. She takes great pride in being able to create not only innovative products which bring joy to children but also a company with a family-friendly work environment which helps her employees – all women – to successfully combine work and family life.

She created a baby pillow that has taken her from her childrens' daycare center where she first tried out the product in 1989 to a thriving company with sales of over $40 million today. This patented pillow design called the "Boppy", has been voted the best baby product in America five years in a row by American Baby Magazine and received numerous other accolades.

Susan credits CEF for providing the financing when her business needed it to survive. CEF made its first loan to Brown to provide the working capital she needed for her first appearance at the Juvenile Products Manufacturers Association (JPMA) trade show, which launched the company into the national market after it won best-of-show.

"There could be no greater impact on one's business than being the catalyst for its existence. If Colorado Enterprise Fund had not given Boppy Company loans when it needed them, it would have gone out of business, and never progressed to the company it is today. Colorado Enterprise Fund may be the only financing alternative available to many, as it was to me. But it plays a bigger role than just that a lender to a small business. Their staff gives advice; helps establish relationships that can lead to the next stage of financing, and gives encouragement along the emotionally and financially difficult road to building a small business."

Susan Brown currently sits on the Colorado Enterprise Fund Board of Directors.

Castle Rock Gift & Garden

MariJane and Joe Thomas
Castle Rock, Colorado

MariJane Thomas and her husband Joe have operated Castle Rock Gift & Garden for 12 years, selling everything from trees to landscape decorations to garden-themed toys. Castle Rock Gift & Garden is well-situated in the town of Castle Rock, southeast of Denver, in a spacious and easily accessible location. With a history of consistently strong sales, the company wanted to expand its product line with additional services. As with many companies seeking to expand, Castle Rock experienced some difficulties due to unexpected events, including overestimating inventory which dragged down the cash flow. On top of that, an entire selling season was ruined by wildfires in the nearby mountains.

CEF loaned Castle Rock Gift & Garden $75,000 to help with cash flow of this seasonal business and to prepare for the expense-laden growing period leading up to the prosperous selling season. In addition to financing support, CEF helped Castle Rock Gift & Garden with technical assistance to plan for future growth and more controlled inventory purchases. CEF supported this company through their difficulties, enabling them to capitalize on the strong gardening market in Castle Rock. Now, the company is back on track as a thriving and growing business, both inside the office and out in the yard!

Montessori Academy of Colorado

Denver, Colorado

When the original Montessori Academy of Colorado shut its doors in 2002, the parents refused to let it end. A group of dedicated parents approached CEF for a loan to continue the nonprofit Academy that they and their children loved. Despite the lack of collateral and cash flow, CEF made a $25,000 loan to facilitate the reopening of the school and add two new classrooms.

Since that small loan, the school has flourished: it has increased the number of childcare slots; created many new jobs; and moved to a new larger facility in Denver's Five Points neighborhood. Most noteworthy is the increase in the number of child care slots from 38 in 2002 to 172 in 2007. Equally commendable is the increase in living-wage jobs with full benefits from 8 employees to now over 50. In 2002, the school's revenues were $172,000 and in 2006 revenue has skyrocketed to over $1.8 million!

With CEF's continued help, the Academy was able to purchase a dilapidated old building in Five Points and become an anchor for neighborhood revitalization. This move allowed the Academy to expand its space to accommodate its long waiting list, as well as provide much-needed quality child care services in its new neighborhood. CEF also was able to assist the Montessori Academy in obtaining financing for the new building through the New Markets Tax Credit program.

Autoworks International

Gene & Brenda Kloke
Thornton, Colorado

Gene Kloke and his wife Brenda, purchased a nearly defunct collision repair business in 1996, two years before they came to CEF in 1998 for a $10,000 loan to restructure some existing debt to help grow the business. Initially, the business was operated by the two of them plus their son. A second CEF loan in 2000 helped them purchase additional parts inventory and expand their leased facility to handle increased business activity. The Company grew steadily until 2001, when the recession caused some cash flow difficulties . CEF was able to provide additional working capital to help the company weather the storm during the slow times. As the economy improved, the company took out subsequent CEF loans which enabled the Klokes to purchase land and construct a 16,500 square foot building just north of Denver to house its operation. Autoworks is still a family business but now operates from a brand new facility that employs 16 people in living-wage jobs with excellent benefits.

Autoworks International serves individual walk-in customers, but the majority of its business comes from insurance referrals from most of the major companies in the industry such as Geico , AIG, Liberty Mutual, Shelter, MetLife and GMAC. Annual revenues are now over $2.5 million, up from $600,000 when Gene and Brenda first came to CEF.

In all, CEF loaned the Klokes in excess of $230,000 over a period of 8 years to help their business grow. In 2006, the company qualified for a bank loan plus New Markets Tax Credit financing on their building and it was able to pay off all CEF debt. This evolution from a small microloan to a sophisticated real estate financing package is a fine example of how CEF can grow with a company and help a company grow!

Don and Jacqueline Fesenmeyer
Don's Custom Countertops

Custom countertops.

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