Jeremy Johnston already owned a flooring business – Creative Flooring in London, Ohio – but was looking to expand his geographic reach and improve his economies of scale.
Johnston started working with First Commonwealth Bank’s Dave Tedford and thanks to a SBA 7(a) term loan and line-of-credit, he was able to purchase Nice Carpets, located in Newark, Ohio. Nice Carpets provides a variety of flooring offerings serving both residential and commercial clients.
“We were having trouble finding a bank to finance the deal. Dave was able to help us get it closed,” noted Johnston.
The SBA loans allowed Johnston to purchase the business, the commercial real estate and provide the working capital needed to continue to grow the business.
“First Commonwealth took the time to understand our business and how our acquisition would fit into our long term strategic plan. They were able to see how 1 + 1 = 3,” said Johnston. “I see them as creative problem solvers for our business banking needs.”