Industrial Control Concepts, Inc. receives a $300,000 EDA loan.
The STL Partnership Business Finance team worked with Industrial Control Concepts (ICC Inc.), a full-service engineering firm founded in St. Louis on obtaining an Economic Development Administration (EDA) Revolving Loan for the amount of $300,000.
ICC works to streamline production processes in manufacturing facilities, primarily in the brewing, distilling, and pharmaceutical industries. The organization was founded in 1986 by four electrical engineers from the Anheuser-Busch Brewery and has expanded to multiple cities, including Canby, OR, Honolulu, HI, Moline, IL, and Fort Mill, SC.
The EDA funds are being used to hire skilled engineers for a large project involving a company that makes Personal Protection Equipment for pandemic related issues.
“We were able to meet our client’s needs (and continue to meet their/our hiring needs). The STL Partnership funds are invaluable to us,” said David Nijhawan, Esq., ICC’s General Counsel.
Nijhawan believes the process of getting the loan was made smoother by the STL Partnership’s Business Finance Team.
“Zack Folk (STL Partnership Business Development Officer) worked quite hard on helping me with the writeup and understanding the complexity of our company, and more importantly, he took the time to dig into the specific project we wanted to use the funds for,” said Nijhawan. “I firmly believe he made the difference for us.”
Nijhawan said presenting the loan information to ICC’s board for approval was made easier by Folk and the Business Finance Team.
“Zack really presented the deal and advocated for me to where the presentation to the board was more like a conversation,” said Nijhawan. “When all is said and done, that is really the goal of a skilled banker: make things smooth for the client, and to say that Zack did so was an understatement as far as the underwriting process and approval process goes.”
Assistant Vice President of the Business Finance Team, Linda Behrmann, assisted ICC in the loan closing process.
“Linda Behrmann was also great to work with. She worked diligently in helping us get documentation in order and made a lot of things easy that would normally be cumbersome,” Nijhawan said.