STL-Based Engineering Firm Receives EDA Loan

STL-Based Engineering Firm Receives EDA Loan
Written by Publishing Team

Industrial Control Concepts, Inc. receives A $300,000 loan from the EDA.

The STL Partnership business finance team worked with Industrial Control Concepts (ICC Inc.), a full-service engineering firm incorporated in St. Louis, to obtain a $300,000 EDA revolving loan.

The International Chamber of Commerce simplifies production processes in manufacturing facilities, particularly in the fermentation, distillation and pharmaceutical industries. The organization was founded in 1986 by four electrical engineers from Anheuser-Busch Brewery and has expanded to multiple cities, including Canby, OR, Honolulu, HI, Moline, IL, Fort Mill, and SC.

EDA funds are being used to hire skilled engineers for a large project involving a company that manufactures personal protective equipment for pandemic-related issues.

“We have been able to meet the needs of our clients (and continue to meet their/our staffing needs). The STL partnership funds are invaluable,” said David Neghawan, ICC General Counsel.

Image courtesy of the International Criminal Court.

Nijhawan believes that the process of obtaining the loan has been made much smoother by the STL Partnership Business Finance team.

“Zack Folk (STL Partnership Business Development Officer) worked hard to help me write and understand the complexity of our company, and most importantly, he took the time to research the specific project we wanted to use the money for,” Nejhawan said. The difference is ours.”

The submission of loan information to the ICC board of directors for approval was facilitated by Faulk and the business finance team, Nejhawan said.

“Zach really pitched the deal and championed me to where the presentation on the board was like a conversation,” Nejhawan said. “When it’s all said and done, that’s really the goal of a skilled banker: to make things smooth for the client, and to say Zack did it was an understatement in terms of the underwriting and approval process.”

The Associate Vice President of the Business Finance Team, Linda Berman, assisted ICC with the loan closing process.

“Linda Berman was also great to work with. She worked really hard to help us get the documents in order and made a lot of things easy and usually cumbersome,” said Nejhawan.

Interested in learning more about loans for your business? Click the banner below to see how the STL Partnership’s Business Finance team can help you and your business today.Business Finance Department

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