Renewed Vitality for Established Businesses
Bob Weekes has nurtured his restaurant, the Raw Bar, from a fledgling
start-up to the renowned business it is today - an establishment acclaimed
by the Phantom Gourmet TV program as the home of the "best lobster roll in
New England." A strong supporter of the Cape's fishing industry, Bob
purchases his seafood from local suppliers and offers it to his current
customers at value prices.
"For 19 years, I operated the Raw Bar from a cozy space with mostly outdoor
seating. When it rained, my business reverted to take-out and then the
limited indoor space became log-jammed and inefficient. I really felt I was
losing potential income. When the premises next door suddenly became
available, I wanted to leap at the chance. But the sudden opportunity had
not allowed me sufficient time to prepare financially to support the
expansion."
Coastal Community Capital supported my vision and worked quickly to provide
a financing product that would meet my specific financing needs, including
seasonal working capital.
"Now we have the room in the Raw Bar to carry a larger inventory of fresh
fish and seafood, and by opening Bob's Seafood Cafe, we were able to greatly
increase our seating and offer a wider menu."
Pictured: Raw Bar Restaurant, Mashpee - Popponesset
Marketplace in New Seabury - Bob Weekes, Owner
Workforce Housing Critical to Local Employment
Like many hard-working Vineyarders who want to remain on the island, Mark
Clarke must operate more than one business to support his young family. Mark
owns and operates a water sports rental company for summer visitors and runs
a flooring company to offset the seasonal variables. Both companies are
successful and continue to expand, but as service businesses, they require a
significant labor force. Unfortunately, rising housing costs mean many
workers can't afford to live here, and that makes it difficult for business
owners like Mark to find and keep employees.
Mark came to Coastal Community Capital for financial assistance because he
wanted to purchase housing for his workers. "I didn't have the 30% down
payment the bank wanted, but I knew that I could hold down the costs by
doing some of the work myself," says Mary. Impressed by the entrepreneur's
proposal of "sweat equity' to improve a blighted property, Coastal Community
Capital was glad to provide financing in participation with MassDevelopment,
Massachusetts' Economic Development Authority.
Mark was happy to invest his time and physical efforts to restore the
property. "The loan gave me a way to provide housing for my workers," he
says. "Plus, now that the real estate has increased in value, I have an
asset to fund my growth if I want to expand in the future."
Pictured: MV Hardwood Floors, Tisbury - Mark Clarke
(Center) surrounded by employees.
Increasing Technical Jobs to Preserve the
Region's Environment
The preservation of our region's unique environment has a direct
relationship to the community's economic prosperity. Groundwater Analytical
is an environmental laboratory which assists in that concern by providing
regulatory analyses to the growing environmental industry. Founded by
brothers Dave and Jon Sanford, and their father, Wes Sanford, the company
offers a comprehensive range of test methodologies including soil, hazardous
waste, and drinking water analyses. Its groundwater analyses are critical in
the cleanup of the former Otis Air Force Base on the Massachusetts Military
Reservation.
"After we received a new contract, we were in a hurry to finance the
purchase of state-of-the-art analytical instrumentation for the new lab,"
explains Sanford. "We needed help to put together the credit enhancement our
bank required."
Because the company's continued expansion would help diversify the regional
economy while providing high-paying jobs, Coastal Community Capital helped
Groundwater Analytical identify and secure assistance through the U.S.
Department of Agriculture - Rural Development.
Established with the help of the program, Groundwater Analytical's new
facility quickly exceeded projections. "Because of the success of the new
lab, we hired additional personnel to handle the load," says Sanford. "Now
the company employs a technical staff of more than 50 people, operates on
two shifts, and serves clients in all New England states."
Pictured: Groundwater Analytical, Inc., Buzzards Bay -
Testing facility on the Massachusetts Military Reservation
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