Family-Owned Textile Business

The textile industry comprises a large segment of the market in which the business operates.  Most of the companies in the area work as virtual subcontractors for the neighboring state whereby they produce finished textiles, which are then sent to a partner company in the nearby state for sale.   However, this particular family-owned business, managed by the wife in the family, sells its products in the local market.  It operates two local workshops employing 15 people.

The business sought a $20,000 loan from a local bank in order to purchase new sewing machines for its second workshop.  Despite the business’ good standing with the bank, it had difficulty receiving the loan due to the bank’s high collateral requirements.  MEII was able to work with the bank to approve the loan, which had a significant impact on the business.  It was able to purchase the new sewing machines, hire more employees to operate them, and increase the company’s earnings.

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