Customer Stories

The Impact

  • The business is 50% woman-owned
  • The business will create 2 full-time, living-wage jobs because of the loan
Pegg-Whitney Woodworks - a wooden door manufacturer

Pegg-Whitney Woodworks

In April 2013, George and Stephani Pegg started Pegg-Whitney Woodworks, a wooden door manufacturing company. George had grown up in the wood-manufacturing industry with his father’s business and wanted to continue the legacy.

They wanted to cut costs by reducing their monthly payments on an equipment lease and other business-related debt so they began to seek out long-term refinancing options. Despite the high quality of their work and a successful first few years, they were unable to secure traditional financing due to a collateral shortfall and an uneven historical cash flow. The business debt was on unreasonable terms and was hurting their ability to grow. Luckily, they were referred to Community Reinvestment Fund, USA (CRF) and we were able to take a look.

Once we did, we found a family-owned business that was growing, had strong management, and outside capital support. CRF was able to provide a $455,000 SBA 7(a) loan to refinance the equipment lease and other business-related debt. This loan will reduce their monthly payments by nearly 50%, allowing them to continue grow their business.