When first learning that Indian Valley Industries manufactures products used on golf courses all over New York State, one immediately thinks of clubs, balls and carts. But their product line is vastly different from those; they aren’t products that most golfers would even be aware of when on the course.
Indian Valley Industries' product lines help ensure the integrity of golf courses because they are related to environmental protection and erosion control. The products are used primarily in the golf industry to reduce erosion and run-off problems within sand traps, tee boxes and greens. The sand trap liners, greens covers and special grass-growing products help course designers and builders create golf courses that can handle the weather and changes in the environment.
But golf courses aren't the only places where you'll find Indian Valley Industries' products. Their turbidity curtains are often used to minimize the impact of construction projects on the environment. These floatation devices sit on a body of water, such as a lake, river or ocean, when dredging is taking place and allow water but not debris to pass through.
In 2008 when the company's chief financial officer, Kent Pennell, and sales manager, John Brauer, were planning to purchase Indian Valley Industries, they turned to Tioga State Bank and NYBDC for financing. "Had we pursued normal financing, it would have been much more difficult," said Pennell. "We had a lot of experience in the business, but we didn’t have the financial backing that a bank would have required." They were able to secure a $2 million SBA 7a loan and make the purchase.
Fast forward to 2012 when the owners were seeking to purchase the building that housed their business. Again, they reached out to Tioga State Bank and NYBDC.
"We began our relationship with Kent Pennell and John Brauer in 2008 when we partnered with Tioga State Bank to help them purchase the business,” said NYBDC Vice President Ross Pancoe. "Kent and John have done a stellar job of growing the business since that time. In 2012, they decided to purchase the real estate that they had leased since the business acquisition. They looked to Tioga State Bank and ESCDC for the SBA 504 program as the logical financing solution to help them continue their growth. We are pleased to have been able to assist them in their financing needs and commend them for their successes."
By purchasing the property, the Indian Valley Industries owners have been able to save more than 40 percent over the lease payments they had been making as tenants. They were then able to invest that savings in expanding the business.
"Indian Valley Industries has been a locally owned business for over 70 years," said Rick Zur of Tioga State Bank. "As a locally owned community bank, Tioga State Bank was pleased to work with NYBDC to assist Kent Pennell and John Brauer when they purchased the business in 2008. Again in 2012, with the assistance of NYBDC, we were able to provide them the funds under the 504 Program needed to purchase the commercial real estate. Tioga State Bank is happy that we were able to be part of these loans, which will allow this business to remain in Broome County and continue to be locally owned. NYBDC has been a great partner to work with on both on these transactions."
"By working with NYBDC and Tioga State Bank we gained a lot of knowledge about different aspects of getting the financial backing we needed," said Pennell. "It's been such a good experience that we became a repeat customer."