When Rob Almstrom learned that several industry professionals were looking for new jobs, he knew he could recruit the talent to grow his own small business, American Print Consultants (APC).
Based in Chambersburg, Pennsylvania, APC sells specialty printing equipment across the mid-Atlantic region, and additional staff would help increase the company's customer reach and drive additional business.
Almstrom turned to FHLBank member Patriot Federal Credit Union to help fund APC’s immediate increase in payroll. Patriot used FHLBank's Banking On Business (BOB) program to support the small business loan, which otherwise would not have met traditional underwriting standards. As a result, APC was able to add five new staff and purchase a new delivery truck. "We knew it would take time to grow the business," Almstrom said. "By using BOB, Patriot helped us cover our increased expenses until we could build our customer base."
Patriot was excited to help the small business expand and to support the community. "APC needed help to grow, and we wanted to provide a solution that also helped mitigate the business risk for us," said Eric Foreman, the credit union's Senior Vice President of Business Lending. "BOB was the glue that brought the deal together."