Entrepreneurship runs deep in Monte Strotheide’s family. Originally from Hay Springs in northwest Nebraska, Monte managed and then bought a hardware business started in 1914 by his grandmother. His future would bring him full circle managing stores again, this time in Colorado.
A Navy veteran, Monte went on to work for the United States Postal Service before retiring early. He didn’t stay idle for long, finding a turnkey business, 7 Eleven, to run six months later. “I agree with their model and employing local people,” Monte said. He was so successful with his first franchise in Johnstown that he decided to buy another one in nearby Milliken.
To expand to his second 7 Eleven store, Monte needed financing to purchase it. He visited his bank, First National, and was referred to Colorado Enterprise Fund (CEF) for a loan.
“Banks don’t like to finance franchises because there’s no real collateral,” Monte recalled, “so it was encouraging to work with CEF to get the financing I needed since I bought my first store with funds from my 401K.”
Monte’s veteran status plus business location in Weld County qualified him for financing from two CEF-administered loan programs, VALOR and Weld County.
Monte now employs close to 20 part-time employees between the two stores and expects business to grow alongside communities expanding in Northern Colorado. “The 7 Eleven model allows me to carry a fresh line of products that reflects what my customers want,” he remarked, “like how CEF serves its borrowers. Everybody was great to work with and critical to my startup success.”
About 7 Eleven
Dallas-based 7-Eleven Inc., which began life as an icehouse in 1927, has evolved into the world’s largest and most recognizable convenience retailer. The chain, with its iconic Slurpee and Big Gulp dispensed beverages, operates, franchises or licenses more than 8,000 stores in the United States and Canada.
(Source: CSP Daily News)
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