Tail Bangers, Inc. is a Sussex County, DE pet food and treat manufacturer. The company is owned wholly by founder, Lisa St. Clair. Tail Bangers manufacturers a series of specialty packaged doggy treats, but also cookies and other unique items with affectionate names such as Barkin’ Biscotti, Canine Cannoli and other baked items for dogs. Tail Bangers also offers seasonal products for pets with such summer-themed items like ice cream cookies and baseball cookies shaped like hot dogs, baseballs or even a pint of beer. The company saw strong growth throughout the last three years and due to this growth, sought to acquire its long-time headquarters at 24546 Betts Pond in Millsboro, DE.
Altogether, GAF was able to assist with Delaware-based business with a total loan of $1,690,000 over a 25-year term with 2.25% fixed rate. The use of proceeds was multi-faceted and allowed $540,000 for acquisition, $332,000 for building improvements, and approximately $818,000 for refinance of an existing commercial mortgage along with a series of high rate, low-term equipment loans. In sum, the financing package provided Tail Bangers with the opportunity to build equity in their existing space and re-positioned the business for its strongest cash flow through refinance of existing debt. Similarly, the buildout financing – all packaged within the same note – avoided the often onerous and costly process of construction financing. The project proved so successful, that it was picked up nationally by U.S. News in a recent publication of which story can be found here:
As for working with Grow America Fund, owner Lisa St. Clair remarked, “My experience with Grow America Fund and my loan officer, Conor, was amazing! It allowed me to expand and grow by 25% within the last year alone!”