Ace Electric Motor and Pump Company has provided repairs, sales and maintenance of electric motors and pumps in the Stockton area since 1952. Current owner, Josh Iris, purchased the business in 2010 after working for Ace for 10 years.
Josh originally approached the San Joaquin Delta College SBDC looking for additional capital to help with company growth and wanted advice on how to manage and plan for growth.
Initially, the SBDC analyzed past financial performance of the company to help Ace Electric understand how to manage the financial aspects of growth. When Josh again reached out because his bank would not give Ace a loan, advisors helped him complete a loan application package and referred him to a local alternative lender. Recently, the SBDC provided Ace help getting a line of credit.
With help from the SBDC Josh secured $100,000 loan in 2016 to help with growth and a $200,000 line of credit in 2018. Sales increased from $1.75 million in 2014 to $2.76 million in 2017. Ace also added 2 full-time employees and made a part-time employee into a full-time employee in the same time.