McKeag Maintenance Services
Cleaning Up in West Virginia
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Needs:
- Capital for expansion, including equipment and payroll
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Custom Lending Package:
- $140,000 term loan at 18% APR and a $50,000 credit line at 19.99% APR
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Results:
- Purchased an additional business
- Refinanced existing, expensive debt
- Purchased needed equipment and supplies
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Owner:
Edison McKeag
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Location:
Wheeling, WV
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Industry:
Maintenance Services
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Year in Business:
2011
When he first launched McKeag Maintenance Services in 2011, Edison McKeag aspired to become the leading quality provider of business, commercial, retail, industrial, medical, and educational cleaning services. Today, the company has become just that for its hometown of Wheeling, WV, successfully customizing cleaning programs for businesses throughout Wheeling and beyond.
McKeag prides itself on maintaining the highest cleaning standards for each of its clients, combining years of experience with state-of-the-art equipment, to provide businesses with top-of-the-line results.
After working hard for three years to build a solid local customer base and grow his company’s stellar reputation in the area, Edison decided that 2014 was the year for expansion. He recognized that areas beyond the town’s city limits were in need of his quality services and was determined to take McKeag Maintenance to other parts of West Virginia. However, like many successful small- and mid-sized business owners, he encountered several operational challenges. McKeag needed capital to fund its expanding payroll and new equipment costs. In order to fulfill increasing customer demand, Edison sought an extra hand in financing this growth. He started by applying to both a traditional bank and a financing company, and says that the “largest frustration was getting (both of) them to understand the finances of a small business that is growing. And to understand our goals.” Over the course of the business, Edison had taken several other financing options with various costs, but he found that these products were issued at very high interest rates, with little to no flexibility.
Believing that there must be better options out there, Edison did some research and came across Dealstruck. After he applied for Dealstruck’s products, Edison received a term loan of $140,000 and a credit line of $50,000 to finance his growth strategy. Specifically, he used the term loan to purchase another business and to refinance McKeag’s debt, while applying his Accounts Receivable-based line of credit towards much-needed supplies.
“Our business was growing and the need to expand was pressing us hard with working capital. We were connected to Dealstruck and they were the first organization to truly seem to get what we were trying to do. They came back with a customized package that made sense for us that was forward thinking. The process was reasonable and we were able to expand as we needed to.”
To ensure that Edison was confident in his decision to choose Dealstruck as his lending partner, representatives clearly explained the product benefits and their applicability and fit to McKeag. He remarked on the successful synergy.
“I grew this business from nothing and the change made me nervous. [Dealstruck] walked me through every step, explaining how their process works and how we benefit from it. I got off the phone with a huge weight off my chest. More than just financing, I felt like someone else was concerned about making sure we kept growing responsibly. I would recommend Dealstruck without one hesitation!”
