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FFCFC 504 Provides Family Vending Needed Working Capital

Dec 2006

In April of this year, Family Vending Company was able to purchase a 24,000 square foot building on 2.58 acres of land with a total project cost of over $2,300,000 thanks to an FFC 504. “Most other lenders would have charged a down payment of 20% plus out-of-pocket closing costs and fees, but the 504 included all closing costs and fees. Being able to make a full down payment of only 10% of these total project costs saved us a considerable amount of working capital and made our recent expansions possible,” said Barry Frankel, President and CEO.

The company operates a snack and vending business in South Florida and, in an article dated 04/25/05 in the Automatic Merchandiser, it was described as “one of the fastest growing vending companies in south Florida.” Family Vending played a key role in bringing milk vending to south Florida at a time when most other vending companies shunned the school market and, true to form, has several other products not currently available through traditional vending product distributors.

The Automatic Merchandiser has this to say, “Barry Frankel has never accepted the status quo. He has always been a visionary, and a stubborn one at that. He has always been serious about changing things for the better. This is why Frankel, owner of Family Vending Co. is successfully overcoming some of the challenges vending operators currently face: rising regulation, the need to use new technology, pressures on profits, and the need to develop new growth areas.” It is noted that he was picked to serve as National Expo Chair for the National Automatic Merchandising Association held this past October in Orlando.

“The savings in working capital in this financing project allowed the company to purchase routes in the Atlanta area of Georgia,” said Deborah Petrell, Vice President of FFCFC, “and without this innovative financing, the company could not have purchased needed space nor could it have moved into Georgia so quickly.” She concluded, ‘This company is a good example of how a small business can grow, expand and increase sales and profits using an FFC 504.”