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Ian Williamson is one of four owners of Pines Technologies, a pipe and tube- bending machinery manufacturer located in Cleveland, OH. Although the business was founded back in 1943, it wasn’t until 2007 that Ian and his associates took ownership of the business. Shortly after they realized in order to grow their business they needed to export at least 50% of their sales. But to do that, they first needed access to capital and guidance navigating the international markets.
Initially they turned to asset-based lending to help grow the business. “This type of lending was helpful, but we were getting hammered with high interest rates,” Ian recalls. They decided to submit a proposal for a credit line to various banks, but many turned them down. That’s when they turned to KeyBank. “They said that you’re the sort of customer we can support. You’re what we’re looking for,” says Ian of his conversation with a KeyBank Relationship Manager.
KeyBank then started the business banking relationship by providing Pines Technologies with a domestic line of credit to help drive down expenses and those high interest rates. The line of credit also allowed Ian and his partners to build machines for customers without requiring cash upfront. When they needed an overhead crane to help with manufacturing, KeyBank helped them with a lease so that they could finance it. Business really started to take off. But it was going international that was the key to their success.
Because of the business banking relationship with KeyBank, Pines Technologies was able to take advantage of the Export-Import Bank of The United States, which insures export loans. KeyBank helped Ian and his partners secure a $2MM line of credit by acting as an advisor and a delegated lender. This revolving line of credit helped Pines Technologies to finance work in progress for any export orders. This allowed them to aggressively go after the export market. “We have to sell our equipment beyond the domestic borders,” says Ian. “Without the Key relationship, we wouldn’t be able to compete internationally.”
Other ways KeyBank is helping Pines Technologies compete is by introducing them to Key Merchant Services, making it easier for them to process customer transactions. They also utilize the full suite of KeyBank’s treasury management solutions. Through KeyNavigator their controller can monitor account information in real time and manage cash flow more securely and efficiently. Each and every Pines Technologies employee is also benefiting from the relationship. Through the Key@Work program, they’re given access to free and discounted banking services. Making it a win-win for everyone.
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