Cadillac Culvert Turns It Around
Cadillac Culvert is a perfect example of a business that was saved and now expanding thanks to MCDC. It was in bankruptcy when the current owners, Chuck Thomas and Don Aldrich, bought the business and the equipment using an SBA 504 and a SBA 7(a) for a working line of credit.
According to Sherzer, these loan programs were perfect for Cadillac Culvert to lay the financial groundwork for its turnaround. “These owners were able to save their jobs and the jobs of seven other employees who live and raise their families in Cadillac,” Sherzer explained. “Now the business is growing and they are looking to add employees. Cadillac Culvert is now a thriving business in Cadillac which is good for all the families and businesses in Cadillac. It’s also another example of how these projects Do good things for Michigan,” she added.
The owners have 31 years of experience in the pipe industry. Finding a silver lining when long time Cadillac employer Premarc declared bankruptcy was the perfect opportunity for them to purchase the Cadillac plant and continue to provide the high quality product to their 100 plus clients that included several governmental agencies. Their purchase has meant a seamless conversion for their clients and employees.
“It was a pleasure working with the MCDC to put together a financing package that meets the needs of Cadillac Culvert, Inc. MCDC staff members, Darlene Merritt and Kevin Meyer, know the programs that are available exceptionally well and worked diligently with us to complete this loan in a very timely manner,” said Pete Stalker, Community Bank President of Firstbank Cadillac, the financing partner in the turnaround.