City Business’ Expansion Prompts JLDC Loan Change
A Jamestown bounce house company is asking the city for help to further its growth.
Fire Guys LLC returned to the Jamestown Local Development Corporation on Wednesday to revise part of the company’s loan with the city. During Wednesday’s meeting, Crystal Surdyk, city development director, said the city provided the company a loan last year for just over $97,000. With their business booming since then and some upgrades made to the building that they purchased through these funds, Fire Guys is looking to refinance some things and Surdyk said the company’s bank is requesting that the JLDC take a second position, a change from taking a first position on the original loan last year.
Mick Willis and Luke Ames from Fire Guys LLC were in attendance at the meeting and discussed their business’ growth over the past year.
“We purchased the warehouse at 270 Steele Street last year,” Willis said. “We are growing faster than we expected. So, we have two loans on the building, one through JLDC and one through CODI.”
Willis said that CODI comes in at higher interest rates, and that they would like to use the money from the JLDC loan to buy that loan out, saving them money on interest for the term of the loan, and then use the additional as a cash out refinance for the warehouse. They are also looking to buy another truck and trailer and hire two more employees.
“So we already have two employees that we just hired and we’re looking to double our crews,” Willis said. “We have more work than we can handle, so we want to add more employees to accommodate the increase in work for us. Our sales have been consistently growing year over year. This past year we were busier than we could handle so we actually turned stuff down. So, this year we don’t want to do that.”
Willis said the goal is to get more people what he said were decent paying jobs, and that the revised loan would help do that along with helping get another truck and trailer. Northwest is asking to be the first on the loan, he said, which is why JLDC would have to move to second position in order for the bank to be interested. This would be the only revision to the loan.
“We often will take the second finance position, especially if we have other finance partners,” Surdyk said. “They have been current on their payments right from the very beginning. I think it’s really great news that they’re growing faster than they can keep up with and that they’re adding two additional employees.”
Willis said part of that growth has been that Fire Guys has moved from just doing bounce houses in the summer to adding in doing Christmas lights during the winter, which used to be their down time, and has added to their business.
“Our business has been going great and we couldn’t have done it without the JLDC helping us with the purchase of our warehouse,” Willis said. “So, we’re very appreciative of the help that the JLDC has given us and excited for this opportunity to continue growing.”
The JLDC officially approved changing the terms to the loan with Fire Guys to move to second position.