August 27, 2010
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Frama Building Products is a wholesale provider of metal doors and frames, architectural wood doors and door hardware for non-residential construction markets. They are based in Addison, Illinois.
Frama Building Products will use the loan to purchase commercial real estate as well as the acquisition of various business assets.
"This loan was a little tricky - because of the uniqueness of Frama's collateral, which was our client's extensive industry experience, traditional financing was not available. The SBA's view of intangible assets enabled us to work in tandem with the SBA to support the financing need," said Tony Kim, assistant vice president at Ridgestone Bank. "Now, the current owner will be able to implement new business strategies, which come from over 26 years of experience in the industry."
"The economy's current state coupled with the lack of availability of funds made obtaining this loan very difficult," said Bill Claussen, president of Frama Building Products. "The bankers at Ridgestone valued the experience I have and used that to help with the funding my loan. I tried working with numerous other banks and my experience didn't seem to matter. Since this loan I've been able to add to our team and look forward to a successful future."
Ridgestone Bank is a privately-held bank with branches in Brookfield, WI, and Schaumburg, IL. Founded in 1995, the bank is a leader in small business and government assisted lending and also provides retail banking services, including checking, money markets, CD's, Home Equity Loans and other convenience services. The bank was the 27th largest SBA 7(a) lender in the United States and first in the nation for USDA loans in 2009. Currently, Ridgestone Bank is the number one SBA lender in Illinois. Further, Ridgestone Bank was recognized as a valued partner by the Wisconsin office of the USDA for its commitment to small businesses. For more information call 262-789-1011 or visit www.ridgestone.com
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