Business Banking Case Study: 1canoe2

Business Profile:

Learn how The Callaway Bank helped this company overcome its challenges.

Company:
1canoe2

Customer of the Bank Since:
2013

Company Description:
An e-commerce and B2B company specializing in letterpress cards, stationary, recipe cards and other hand illustrated goods.

Bank Products Used:
Business Checking, Business Savings, Commercial Loans, Construction Loan, Callaway Business Coaching

Visit 1canoe2 Here!

“The Callaway Bank has taken away the
fear of finance and banking for me.”

– Beth Snyder

The Story
1canoe2 was started by Beth Snyder and one of her childhood friends out of a barn in Columbia, Missouri. They started out small and saw it mostly as a hobby. Beth admits they were just selling their letterpress creations on Etsy in order to be able to buy more art supplies. Eventually though, their business had grown so much that they were quitting their day jobs and hiring full time staff members. Now, 1canoe2 products can be found in major retailers such as Anthropologie, Paper Source, Nordstrom and West Elm. Their products can also be found in over 1,000 boutiques worldwide.

Getting Started
When Beth first opened her business she went with a large national bank, but she learned quickly that they didn’t provide the level of service her company needed.  “As the business got bigger we were having trouble finding people to help us,” explained Beth.  “It would be so much easier to be able to go over and talk with the banker to figure out what we needed.”  She came to The Callaway Bank and opened a business checking and savings account.  She chose The Callaway Bank because she wanted a local partner, and she knew many people from the bank through their involvement in the community.

From Illustrator to Profit Master
As part of its Business Coaching Program The Callaway Bank offered a 2-day business finance seminar called Profit Mastery to help owners learn how to better understand their finances and find ways to make their businesses more profitable without just selling more.  The bank encouraged Beth to attend so she could improve her company.  “This course lets you take your business to the next level,” Beth explained.  Because her background was in art and graphic design, she was used to just running her business by how much money they had in their account.  “I learned so much,” she said. The course even prepared her for what was coming next for her business: a company restructure.

Restructure and Expansion
At the end of 2015, the 1canoe2 partners decided it was time to restructure the corporate side of their business. They ultimately decided that Beth would buy her partners out of the company and move the location of 1canoe2’s office. After discussing with her loan officer, Glenn Harris, it was determined that the best course of action was to obtain a loan for the purpose of buying out her two partners with a Small Business Administration (SBA) loan through The Callaway Bank. However, this created some challenges because the SBA process was taking longer than anticipated, and Beth had a deadline. In order to make sure that Beth was able to meet the deadline, the bank created a special interim financing solution to complete the purchase on time.  President and CEO, Kim Barnes, called her at 6 p.m. to share that her commercial loan was approved, and that it would cover her until the final SBA loan was approved. Beth was then able to meet her deadline and become the sole owner of 1canoe2.  According to Beth, “they wouldn’t have done that for me at another bank.”

New Location
Along with the business purchase, Beth needed to find a new location.  The business had outgrown the old location, and they needed a larger home.  Once Beth decided on the new location for the 1canoe2 office, Glenn worked with her to get a commercial real estate loan to buy the property, and a separate construction loan for the renovation of the space– a really neat historic building in downtown Fulton. Once completed, the new location will provide the 1canoe2 team with space for their main offices and shipping facilities, as well as a small retail area for the public.

Business Banking

No matter the size of your business, we have options to fit your needs. We will work with you to establish a plan that makes the most sense for your business.