GARRETSON, S.D. – A small fire in 2012 prompted Shannon Nordstrom to think bigger and longer term about increased building needs at his family’s auto recycling and parts business.
Executives with Nordstrom’s Automotive Inc. got advisory help from a representative with the South Dakota Small Business Development Center and other experts, and the company is pursuing about $4.5 million in improvements.
Marc Ford, a business consultant with the Sioux Falls SBDC, assisted Nordstrom and Jerry Zwak, the company’s chief financial officer and treasurer. “They came to me looking to use a loan program,” Ford said. “We put together some loan projections that they took to the bank, and they were able to get some financing to expand their facility.”
Zwak said he was apprehensive at first about working with an outside adviser on financial projections, but the meetings went well and only took a few weeks to complete. “SBDC representatives know what kind of information lenders want. So, meeting with Ford helped the company in dealings with its bank, Minnwest”, Zwak said.
Nordstrom said consulting with the SBDC is helping take Nordstrom’s Automotive to the next level. “It forced us to think through some things that I hadn’t thought about before,” Nordstrom said. “The process was non-intimidating, confidential and extremely helpful.”
Shannon Nordstrom, Owner and Jerry Zwak, CFO