When the Shoe Fits: Seed Technologies Finds the Right Major Asset Loan through TEDC
Table of Contents:
A Mission to Help Other Businesses Expand
Taking the Leap into Entrepreneurship
Searching for the Right Office Space—and the Right Loan
Hitting Snags and Pushing Past Them
The Slipper Fits, and a Perfect Match Is Made with TEDC
Jennifer Jones knows what it’s like to grow a small business in spite of the unexpected. As President and CEO of Seed Technologies, a software development and online marketing firm, she has experienced the roller-coaster ride involved in building up a company. She has raised Seed Technologies from its earliest stages as a solo freelance gig to a full-fledged organization that’s fulfilling its mission in the community to help other businesses—with the help of a partner like TEDC at a strategic time in the journey.
A Mission to Help Other Businesses Expand
Jennifer’s favorite part of the work her company does is helping businesses automate their processes so they can grow. Over the years, she has helped small businesses develop custom software to streamline their operations, allowing them to grow their business without having to hire additional staff. “We take a lot of pride in the fact that we help businesses with automating business processes and help them expand their growth without having to expand their personnel,” she says.
Today, Seed Technologies is a thriving provider of digital marketing services, websites, and mobile apps for local businesses. But it wasn’t always the flourishing business it is now. It started, as many businesses do, as a dream forced into reality when Jennifer found herself facing an all-too-common challenge in the work world—a layoff.
Taking the Leap into Entrepreneurship
Like many people, Jennifer’s freelance journey started because she needed a job. Born into a family that currently has three generations of IT people in it, Jennifer was inspired to major in engineering and computer programming in college. Her passion for technology led her to opportunities to work as a software and IT developer for other businesses.
But in 2004, an economic downturn occurred, and she was laid off. Despite the stress of the moment, Jennifer got bold and launched into a new endeavor that tapped even more into her passion for technology.
“I decided to start freelancing,” she says. “And when I was freelancing, I gained enough customers to where I couldn’t handle it all by myself. I had to either hire people or stop growing. So, I incorporated, set up an office space, and I started hiring people. And now, we’re coming up on our 20th anniversary.”
Searching for the Right Office Space—and the Right Loan
Like any company, Seed Technologies has budgets and bottom-line items to keep in mind. And one of those items is office space—something that’s vital for business, yet can be a significant expense unless you turn it into an asset.
“We had rented one space for 16 years,” Jennifer says. “Had we purchased that building earlier, we would have had the building paid for by that time. So it occurred to us that renting was probably not a good investment, and we decided to change our course of action by investing into an office space that we own.”
Of course, it’s one thing to recognize a loan could be a good move for your business. It’s another to find the right loan and the right lender. The search for a good match between Seed Technologies and a financial provider became a lot like Prince Charming’s search for Cinderella—a lot of shoes had to be tried on before the right one fit.
Hitting Snags and Pushing Past Them
Jennifer’s company experienced challenges in their search for a business loan. Their bank didn’t have financial options that would be a fit. Additionally, since Seed Technologies is a service business, they didn’t have tangible equipment such as machinery to offer as collateral. For many banks, that stops the process in its tracks.
“Taking out a loan for a company is a huge challenge, more difficult than taking out a personal loan,” Jennifer says. With traditional, collateral-based loans out of the question, she knew she needed to look for a creative, nontraditional solution. And that’s where TEDC stepped in to make the difference she needed for greater growth.
The Slipper Fits, and a Perfect Match Is Made with TEDC
As it turned out, Jennifer already knew of TEDC through her involvement in volunteering and networking with the Tulsa Regional Chamber of Commerce. “I had heard of them quite a bit through the Chamber,” she says. “So I was already familiar with the organization. But it wasn’t until I was trying to buy my office space that I realized how much they could help me as a small business owner.”
Through networking, Jennifer learned about TEDC’s SBA 504 loans for major assets such as office buildings. “TEDC worked with me and managed to do something that I thought was impossible—securing a loan for a small service company.”
Even more of a miracle in Jennifer’s mind was that they landed the loan in 2021, right after COVID hit. “Those weren’t good years,” Jennifer says. Thankfully, TEDC stepped in and helped Seed Technologies thrive. Because of that investment TEDC made in her business, Jennifer says, “We were able to set ourselves up in an office situation where we were gaining equity instead of throwing it away on rent.”
Making Continued Impact on the Tulsa Area Business Community
Now, Seed Technologies is better equipped than ever to help small businesses like themselves automate their processes, increase their productivity, and do so affordably so that they can grow. They’re also able to be more involved in community events that allow other businesses to propel themselves forward.
Jennifer says, “My goal is to reignite networking energy and make a call to action to local businesses to get their supplies and their services locally. You’re making a commitment to our wonderful city by buying locally and contributing to our local economy.”
If she had one piece of advice to give fellow entrepreneurs and business owners, Jennifer says it would be to have courage. “The hardest part about being a business owner is having courage,” she notes. “Most of the time, the only thing that’s holding you back on accomplishing what you’re wanting to do is having the courage to do it, to take that step or to take that risk.”
TEDC Creative Capital is a community development financial institution (CDFI) that provides nontraditional capital and funding vehicles for a variety of growing business financial needs. Whether your organization needs an SBA 504 loan for major business assets, a microloan, reset loans, or other options, TEDC stands ready to help local businesses find the right financial solution to spur their growth.