Frankie’s Aerial Application, LLC – 2015
Frankie and Jeanie Amen own a very successful aerial application business (crop dusting) south of Nampa, Idaho. Frankie’s Aerial Application, LLC is a small business that Source Capital & Consulting had the pleasure of helping take flight in 2013.
The Amens had developed a banking relationship that quickly proved to not fit their needs. Frankie and Jeanie met with Source Capital & Consulting to discuss their needs, options, and timeline. Based upon the initial meeting SCC knew that an airplane rebuild would take too long. SCC worked diligently with a community bank to finance the purchase and modification of the plane so it could be placed in service in the current year. A suitable plane was located in Georgia, purchased and Frankie flew it to Idaho.
SCC helped secure both term financing and an operating line of credit for the company. The size of the operating line of credit was determined from the projections that were prepared.
The greatest challenge in this funding request was the fact that it was a startup business and there were serious time restraints. Source Capital and the lender had thirty days to get this credit funded to get in a full flying year. The bank met our goals and Frankie’s Aerial Application had a very successful year.
After three years, the company continues to be very successful and we at Source Capital & Consulting cannot be more excited for them.