Learn how The Callaway Bank helped a local business owner overcome their challenges.
Beth Snyder, Founder 1canoe2
Customer of the Bank Since:
An e-commerce and B2B company specializing in letterpress cards, stationery, recipe cards, and other hand illustrated goods.
Bank Products Used:
Business Checking, Business Savings, Commercial Loans, Construction Loan, Callaway Business Coaching
The Callaway Bank has taken away the
fear of finance and banking for me.
– Beth Snyder, Founder 1canoe2
The Story of a Small Business’ Success
Beth Snyder and her childhood friend launched their artisan paper and illustration business out of a barn in Columbia, Missouri. They started out small and saw it mostly as a hobby. Beth jokingly admits they were just selling their letterpress creations on Etsy in order to be able to buy more art supplies.
Eventually, their business had grown so much that they were quitting their day jobs and hiring full-time staff members. Now, the brand’s products can be found in over 1,000 boutiques worldwide, including major retailers like Anthropologie, Paper Source, Nordstrom, and West Elm.
Starting a New Business in Columbia, MO
When Beth first opened her small company she went with a large national bank. Yet, she quickly learned 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 local 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: Tackling Business Finances
As part of its Business Coaching Program, The Callaway Bank offered a two-day business finance seminar called Profit Mastery. The goal of the program was to help small business owners learn how to better understand their finances and find ways to boost profits without solely focusing on selling more products.
The neighborhood Bank encouraged Beth to attend to learn more about growing her brand. “This course lets you take your business to the next level,” Beth explained.
While a background in art and graphic design served her product development needs well, she had previously faced challenges tackling the financial aspects of running a business. The Bank’s seminar helped bridge the gap between innovation and commerce. “I learned so much,” she said. The course even prepared her for what was coming next: a company restructure.
Restructure and Expansion: Growing a Small Business
At the end of 2015, Beth and her partners decided it was time to restructure the corporate side of the business. They ultimately decided that Beth would buy her partners out of the company and relocate the office.
After speaking with her loan officer, Beth decided to pursue a Small Business Administration (SBA) loan through The Callaway Bank to cover the purchase costs. However, this process created some challenges because the SBA process was taking longer than anticipated, and she was on a time crunch. To make sure the buyout deadline was met, the bank created a special interim financing solution to complete the purchase on time.
President and CEO, Kim Barnes, called Beth at 6 p.m. to share that her commercial loan was approved and that it would cover her until the SBA loan was finalized. As a result, she was able to meet her deadline and become the business’ sole owner. According to Beth, “they wouldn’t have done that for me at another bank.”
New Location: Choosing a Commercial Real Estate Loan
Along with the business purchase, Beth needed to find a new location. The evolving company had outgrown the old location and needed a larger home.
Once she decided on a new space for the company’s office, Beth worked with the local Commercial Lender to get a commercial real estate loan to buy the property. She also utilized a separate construction loan for the renovation of the space — a charming historic building in downtown Fulton, MO. Once completed, the new location provided the team with space for their main offices and shipping facilities, as well as a small retail area for the public.
Ready to grow your business? Contact our team today to learn how The Callaway Bank can help!