Foamtec contacted the Sacramento Region Small Business Development Center in November of 2008 hoping to receive assistance in applying for a small business loan.
Stacy and Jeff Lemon started their first business using all their savings in July of 2008 as a franchise specializing in manufacturing of home-decor items. They contacted the Sacramento Region Small Business Development Center in November of 2008 hoping to receive assistance in applying for a small business loan. Panda Morgan worked with them on their business plan for several months as Jeff and Stacy worked diligently to ensure everything was ready to present to the bank. In February of 2009, Stacy and Jeff successfully secured their first Small Business Loan for $25,000.00 and hired their first employee in March.
Jeff tragically suffered the loss of his wife Stacy, but put his everything into his business as he continued the legacy they were passionate about. By September of 2010, Foamtec, LLC was growing by leaps and bounds. They had grown to 18 employees, developed a strong customer base, and expanded their location. With such rapid growth Foamtect, LLC needed capital to expand; they worked to improve their cash flow and profit margins in order to qualify for a term loan as well as a Line of Credit. Jeff worked hard to improve both; he streamlined his manufacturing processes, cut costs on materials, and reduced overhead wherever possible.
In June of 2015 Jeff obtained his second Small Business Loan of $55,000.00, a Line of Credit for $30,000.00. With the funds he was able to expand his customer base and hired an additional employee. Today Jeff continues to expand every year despite the harsh economic environment. He is truly the definition of a successful Small Business Owner.