Client Success Story
Lifetime Green Coatings SBA Loan Case Study
First Bank of the Lake helps Lifetime Green Coatings franchise owner get a $400,000 SBA loan
The Challenge
Barry and Parker Norfleet, a father-son duo from Kentucky, dreamed of building a business together. With strong backgrounds in law, accounting, and acquisitions, they were well-equipped for the journey ahead. Barry, a seasoned lawyer and M&A specialist with 30 years of experience, had always been a trusted business advisor for companies and banks. Parker, with a decade of experience in accounting and auditing at a large sandwich franchise’s corporate headquarters, was eager to build his own company.
After exploring numerous business models and franchises, they found franchises particularly appealing due to their ready-made business model, ease of startup and lower capital requirements. Parker mentioned, “I wanted to start working on the business with clients from day one.” They ultimately chose to franchise with Lifetime Green Coatings, known for its eco-friendly epoxy floor coatings. Barry shared, “We loved that this business was not overly competitive, had a green environmental focus, and a great track record.” Parker added, “We wanted a product we felt good about – something brand new and an industry disruptor – and we got it.” They purchased six franchise territories around Lexington and Bowling Green, Kentucky.
The Solution with First Bank of the Lake
With a solid business plan in hand, Barry and Parker knew they needed funding for franchise territories, working capital, marketing, and equipment. Recommended by their franchise consultant, they approached First Bank of the Lake for a 7a SBA loan. In less than 45 days, they secured a $400,000 loan. Despite being a startup and a franchisee, which many lenders shy away from, First Bank of the Lake’s expertise made the process smooth and efficient.
Parker praised, “Our First Bank of the Lake rep, Nick Previtera, did a fabulous job connecting us with the underwriting team. We built real trust with him and the bank from the start.” Barry added, “I don’t think the process with First Bank of the Lake could have been better, smoother, or quicker.”
The Results
With the $400,000 SBA loan, they set up their first franchise location, hired initial workers, and purchased vehicles and equipment for installing the floor coatings. Thanks to great support from the franchisor and their personal networks, they achieved significant traction and early revenue. In just three months, their well-run business was nearly breakeven.
Parker and Barry give First Bank of the Lake an “A” for their exceptional service and support throughout the loan process. The bank’s efficiency and commitment made a significant difference, ensuring everything went smoothly and quickly. Barry concluded, “As a father, I love watching my son take off in the business. I couldn’t be prouder of him. Thanks, First Bank of the Lake!”
The Numbers
7a Franchise Loan
Parker & Barry’s 20% of the $500K loan
Weeks to underwrite & approve the loan after the application
If we ever need business capital, my first call would be to First Bank of the Lake. Why would I look elsewhere?
Barry Norfleet
Co-founder, Lifetime Green Coatings - Kentucky
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