When Bear Diversified, Inc. needed to make building improvements and upgrade equipment at its London, Ky. subsidiary, its leadership called on longtime lending partner SKED to get the job done.
The company needed to renovate its paint line and relocate its metal receiving area at Highlands Diversified Services (HDS). These improvements would add more jobs and enable the launching of the production of 200 new automotive components at the Southeast Kentucky facility.
HDS employs 275 people at its Laurel County facility. There, workers do metal stamping and fabrication, welding (both resistance and robotic), drilling, tapping, staking, powder coating, electro-mechanical assembly, warehousing and distribution for automotive, aerospace and satellite television industries.
President Ian Hessel and his team had worked with SKED on previous projects, and he knew they would put together a financing package that would have the company’s best interest in mind.
They look at a business differently than a traditional lender.Ian Hessel
President, Bear Diversified, LLC
“Working with the folks at SKED has been a real pleasure. They look at a business differently than a traditional lender. Job creation and overall economic development impact are a part of their mission,” said Hessel.
“I knew our company’s situation was unique and would take a unique lender to work with us on getting the best loan package available to help us meet our goals on time. And best of all, they’re available for financial advice after the loan is closed. They truly care about their loan clients and the region.”
SKED staff accessed its Community Development Financial Institution (CDFI) loan funds provided by the U.S. Department of the Treasury and partnered with Cumberland Security Bank to fund the loan to Bear Diversified, Inc. for the business expansion.
“It has been a pleasure working with Ian on the Highlands Diversified Services expansion,” SKED Director of Lending Chris Coldiron said. “Ian has been very innovative and resourceful in his management of Highlands Diversified, which has allowed the company to expand and diversify its customer base.
SKED is grateful to be a partner and play a small role in the expansion of this growing business. The region will benefit greatly from the job growth borne out of the company’s success.”