Member Highlights
Take a look at some of our featured member's success stories.
GASTON TREE DEBRIS RECYCLING LLC REACHES NEW HEIGHTS WITH SUPPORT AND USDA-BACKED LOAN FROM BAYFIRST NATIONAL BANK
Tampa, Fla. — Gaston Tree Debris Recycling, LLC (GTDR), a family-owned and operated company located in Gainesville, Fla. with more than $30 million annual revenues, has proudly served North and Central Florida since 1972. In addition to providing the vital service of debris removal, it recycles millions of tons of vegetative debris each year, ensuring waste is available for purchase as wood chips, mulch, etc., or for resale as bio-mass fuel, a renewable energy source. GTDR has also assisted in natural disaster recovery for more than 20 years following major hurricanes, tornadoes, and ice storms in fourteen states.
In early 2023, GTDR was experiencing cash flow concerns due to a doubling of diesel fuel cost. In need of a solution to address its decreased gross margins and the resulting impact on cash flow, GTDR turned to the lending experts at BayFirst National Bank, a small community bank based in St. Petersburg, Fla., a top SBA and USDA lender in the Country.
BayFirst skillfully put together a comprehensive debt re-finance package with a USDA Business & Industry-guaranteed loan for $19.8 million that reduced annual debt payments and significantly improved the Company’s monthly cash flow. Though GTDR was approved for the loan, its funding was delayed due to limited appropriations for the remainder of the USDA’s fiscal year.
Resolute in its commitment to getting this long-standing, sustainable family business the funding it needed to continue its good work both locally and nationally, BayFirst asked for and received assistance from 3rd District Congresswoman Kat Cammack to expedite funding of the loan guarantee once USDA Rural Development was able to secure additional funding for the Business & Industry Guaranteed Loan Program in the fourth quarter of the Government’s 2023 fiscal year.
The increased cash flow was used to hire additional workers and purchase equipment needed for clean-up efforts in six rural counties in Northwest and North Central Florida damaged by Hurricane Idalia in the fall of 2023. Balance sheet management improved, and positive net cash flow protected 150 existing jobs paying wages well over twice the federal minimum wage through several rural Florida communities. Next, GTDR will expand into two new processing facilities in Dover and Jonesville, Fla. (two unincorporated rural areas) resulting in an increase in 20 additional permanent employees.
“At BayFirst National Bank, we pride ourselves on our commitment to excellence and our proven ability to support the American Dream for small business owners in rural America,” said BayFirst VP, USDA Rural Development Lending Officer Charles Conoley. “We are proud to have played a role in the success story of this deserving, family-owned business so that it can continue to faithfully serve other local businesses, municipalities, county, state and federal government agencies and more, now and in times of emergency.”
Coast to Coast Carports Embarks on a Growth Journey with USDA-Backed Loan Facilitated by North Avenue Capital
KNOXVILLE, Ark. — Nestled 92 miles northwest of Little Rock, Arkansas, in the charming town of Knoxville, Coast to Coast Carports stands as a testament to the spirit of rural entrepreneurship and growth. With its picturesque setting along the Arkansas River, surrounded by the majestic Ozark Mountains, Knoxville provides the ideal backdrop for this impressive operation.
Coast to Coast Carports, a nationwide leader in crafting premium carports and steel buildings, serves an extensive range of industries, including sports, entertainment, food services, warehousing, manufacturing, retail, real estate, and food production and employs 124 dedicated women and men.
The story of Coast to Coast Carports takes an exciting turn against the backdrop of its rural location. This setting paved the way for the company to secure vital financing in the form of a government-guaranteed loan, skillfully structured and funded by the experts at North Avenue Capital (NAC) and supported by the United States Department of Agriculture (USDA).
This significant $8 million loan will serve multiple purposes, including refinancing existing debt, establishing a payment reserve, and providing essential working capital, among other strategic initiatives. It underscores NAC’s and the USDA's shared commitment to fostering rural development and supporting businesses in America’s heartland.
Edgar Escobar, Vice President of North Avenue Capital, emphasized the broader implications of this partnership, stating, "Coast to Coast is a fitting example of the sweeping impact of the USDA's Business & Industry Loan Program – a national brand with a rural manufacturing center that enables competitive funding. We are delighted to serve Coast to Coast, the men and women that make up its workforce, and its current and future customers across the country."
As Coast to Coast Carports embarks on this exciting new chapter of growth, it does so with a deep appreciation for its rural roots and a vision for a future filled with continued success. With the support of the USDA-backed loan facilitated by North Avenue Capital, the company is poised to expand its footprint and make a lasting impact on industries nationwide.
Photo credit: Avolta
Pathward funds two RNG projects at Arizona dairies
RNG developer, Avolta Development, developed, constructed, and now owns and operates anaerobic digester systems with two Arizona dairy farms. Selected for their extensive industry knowledge and flexible capital solutions, funding partner and USDA lender, Pathward®, N.A., provided combined REAP/B&I construction-to-perm loan facilities for each project. Avolta and Pathward celebrated the completion of both projects at a March 2023 ribbon-cutting celebration.
According to Avolta, annual processing of manure from 60,000 cows is expected to generate more than 675,000 MMBtu per year of RNG for use as renewable transportation fuel. The renewable natural gas program captures most of the methane the cows produce, reducing carbon emissions equivalent to removing 8,000 cars from the road annually, eliminating the consumption of 4 million gallons of fresh water per day through integrated water treatment systems and closed-loop recycling processes, and maximizing benefits with minimal impact to dairy operations. These projects created hundreds of community construction jobs and will continually reduce water usage, provide an additional revenue stream to the farmer, and capture greenhouse gases for beneficial use that otherwise would have been released into the atmosphere. A regional pipeline is already distributing the RNG as an ultra-low carbon transportation fuel in California and other LCFS (Low Carbon Fuel Standard) states, generating both RINs (under the Renewable Fuel Standard) and LCFS credits (under the California Air Resources Board).
Cumberland Healthcare Seeks New Facility
Cumberland, Wisconsin is now home to a state-of-the-art hospital, which houses 18 hospital beds and emergency, imaging and surgery services. Constructed in 1955, Cumberland Memorial Hospital’s original healthcare facility had been expanded numerous times, but did not have the capacity to provide modern healthcare. Due to sizing requirements, the outdated space limited the use of new technology like CT and MRI machines. In addition, existing department layouts and building conditions impacted staff’s ability to efficiently perform their daily operations. Understanding the need to provide their rural community access to quality healthcare, the nonprofit hospital sought financing for a three-level building that would span 96,000 square feet.
COMPEER FINANCIAL STEPS UP
Together, the United States Department of Agriculture, the Farm Credit entities of Compeer Financial and CoBank, along with two local banks, financed Cumberland Healthcare’s new facility (Cumberland Memorial Hospital), which totaled nearly $40 million. Compeer’s mission of enriching agriculture and rural America is brought to life in organizations like Cumberland Memorial Hospital. By constructing a new facility, the nonprofit was able to provide positive and immediate impacts on economic growth in rural communities. It began with contractors local to the area performing work on the facility and continued with talent recruitment. Construction of the state-of-the-art facility aided the hospital in their recruitment efforts. Prior to construction, they were able to recruit three new family practice physicians and a new general surgeon. The Cumberland Healthcare project was a collaboration between local banks, federal government financing programs and Farm Credit institutions who have a common goal of helping rural communities thrive.
Orangefield Water Supply Corporation
Located in Orangefield, Texas, Orangefield Water Supply Corporation is a member-owned, not-for-profit water supply corporation. They provide water supply and sewer services in rural Texas. Live Oak Bank provided a Rural Utilities Service Water and Environmental Programs (WEP) Guaranteed loan in the amount of $8,975,000 to provide wastewater services to an additional 900 customers and provide capacity to service the future growth of their rural community. The project will fund 42,000 linear feet of PVC Force Main, four lift stations, one new vacuum station, and rehab of two existing vacuum stations. These system upgrades support the development of the community, reduces water contamination, and improves the quality of life for families living within the Orangefield Water Supply Corporation serivce area.
EHC Maricopa
US Eagle Federal Credit Union, in partnership with Madison One CUSO (www.m1cuso.com), provided two USDA guaranteed loans totaling $13,050,000 to finance the acquisition and development of Exceptional Community Hospital (www.echmaricopa.com) in Maricopa, AZ. Prior to the development, the City of Maricopa did not have a hospital and those who needed urgent medical treatment were forced to travel at least 30 minutes to the nearest hospital in Chandler, AZ. The facility successfully opened in 2021 with a staff of 50 employees; the new micro-hospital provided the Maricopa community with a 24-hour emergency department, a digital imaging suite including CT Scan, X-Ray, mobile MRI and ultrasound; an in-house laboratory; and outpatient and inpatient hospital beds for acute admissions and overnight observation of patients. For the first time in its history, the city of over 50,000 people in the Phoenix metro area finally have nearby access to immediate lifesaving medical treatment. These essential community benefits were made possible through the hard work and assistance of the Arizona USDA State Office and its representatives, USDA Specialist Clint Kaasa and USDA Program Director Gary Mack.
$52MM Combined Transaction
X-Caliber Rural Capital (XRC) and CastleGreen Finance (CastleGreen), closed a $52MM combined transaction for the new construction of Origo Cold Storage, a California-based 254,000 square-foot cold storage almond facility. XRC provided $35MM through the USDA’s Food Supply Chain Program and CastleGreen provided $17MM of Commercial Property Assessed Clean Energy (C-PACE) financing through the California Statewide Communities Development Authority PACE Program.
Origo Cold Storage is designed to save the borrower a total of $3.7 million over the lifetime of the improvements through reducing electricity usage by 138,909 KWh/yr, saving 11,462 gallons of water annually and reducing CO2 emissions by 98 MT/yr. The new facility is projected to be completed by April 2023 and is expected to create up to 10 new full-time jobs.
$25 Million Funded
North Avenue Capital closed a $25 million USDA Business & Industry Loan (USDA B&I) in Kentucky. Located in the rural town of Ashland, Mega Highwall Mining used the funds to refinance its existing debt, purchase equipment, and provide working capital. At the loan closing, the business had 70 full-time employees and was looking to hire 30 more full-time employees. Mega Highwall Mining provides ADDCAR and Superior/Cat highwall mining systems to mining operations throughout the U.S. It also operates a fabrication shop, where custom parts are crafted and equipment is modified, offering its miners a distinct advantage when hard at work underground.