Keenline Conveyor Systems, located in Omro, has been locally and privately owned and in operation for over 75 years. Their modern design, production, fabrication, and assembly plant is located in the heart of the Fox Valley and consists of over 30,000 square feet of space for production and assembly.
Keenline serves a variety of industries including dairy, beverage, raw food handling, automotive and packaging. Keenline conveyors can be found throughout the United States and internationally.
In 2020, Keenline was purchased by John Schuster, who left a career in business law to acquire the company. He is the fourth-generation family member to work in the metal industry. Schuster was no stranger to Investors Community Bank Business Banker Will Deppiesse, as the pair had worked together in a variety of capacities for over 15 years. Because of this relationship, Schuster knew ICB would be the right choice to help him acquire the company.
ICB utilized three different Small Business Administration (SBA) loan programs to help Schuster purchase the company. We offered the SBA 504 to allow the buyer a 25-year term on the purchase of the real estate and to help obtain a very low fixed rate. We also used the SBA (7a) program for the business operations portion of the debt to ensure strong cash flow and provide a low, long-term fixed. Finally, we utilized the SBA Express program to obtain a larger line of credit to ensure that the company had more than adequate working capital.
The Investors Community Bank team walked the borrower through the entire process from application to closing and beyond. Our timely closing ensured that the SBA would make payments on some of the loans for the first six months.
The customer walked away thrilled with ICB and the loan process, as well as the long-term fixed rates and ample working capital we helped him obtain by utilizing the various SBA programs. ICB helped him start on solid ground to ensure the company continues its growth for decades to come.
Ready to find out how Investors Community Bank, together with the SBA can help your business grow? Contact one of our experienced business bankers today!
Learn more about Keenline Conveyor Systems in March’s episode of ICB’s new video series “In Their Shoes” …coming soon!