Maximus Logistics is launching a manufacturing facility in Lafayette, building upon that company ‘s 16 years of experience in distributing parts to trucking companies. CEO and President Sam Bazzi says, “This is a ground-up project to support manufacturing for the commercial trailer industry.”
Financing for the project came from Centier Bank and five Cambridge Capital entities. The loan package helped Bazzi install a robotic equipment line, and provided short-term and permanent working capital needs for Maximus. With Centier in the lead, the package was assembled by Indiana Statewide CDC, Lynx Capital, Indiana Community Business Capital Corp., the Community Invest-ment Fund of Indiana, and Cambridge Ventures.
Bazzi says, “ This is very good financing. This helps us reach our goals.”
Centier Bank wanted to help this company grow. Dave Bowers of Centier says “ Indiana Statewide and the 504 program were crucial to the success of this financing package. With the fixed asset financing in place, we were able to package the necessary working capital pieces and leverage additional financing for the company. If the 504 loan was not approved, the other pieces would not have mattered. Normally, we are working on real estate loans with the 504 program, this time we used it for a robotic equipment line. ”
Kevin Broadstreet of Centier says, The SBA 504 loan from Indiana Statewide CDC was the deal “maker. It was critical to the success of getting together all the other elements of the loan package.”
The SBA 504 program is a key tool for Centier Bank. We use it for all types of businesses. The 504 is a vital resource that allows the bank to address the needs of our business customers by leveraging the lower down payment requirements along low fixedpricing for a portion of the debt rate. With the 504 loan approved, The Credit Corporation was able to step in and provide the permanent working capital necessary to get the robotic equipment line up and running, allowing the time necessary to run sample parts and tune the equipment to reach the required quality. Lynx, CIFI, and Cambridge Ventures stepped in to provide assistance with funding rolling stock and additional permanent working capital. Maximus maintains two facilities in Lafayette with total employment of almost 100 people. More jobs may be added when the new manufacturing operation opens in early 2022. The Maximus loan package is an example of the broad range of financial services Cambridge Capital can assemble for many business and industrial projects.