ILGP Borrower Success Story: Tomco-Harwel Industries

Date of Commitment: 2008
Type of Service: Loan Guarantee
Lender: Local Bank
Borrower: Company Owners
Project: Industrial and Janitorial Supply Company
Financing Amount: $1,200,000
Location: Tulsa, OK

Tomco-Harwel Industries Inc. (THI) began as a small chemical supplier in 1983 and has become a viable contender in several facets of the contract packaging and contract manufacturing business. In 2008, THI expanded its business by purchasing Summit Industries. Summit Industries manufactures cleaning and specialty chemicals for the food and beverage industries, janitorial industries, and industrial products under the Summit Professional and Summit Green labels, as well as private labeled product.

The acquisition of Summit was an opportunity for growth, but the transition also caused significant financial challenges. In 2008, THI began working on a refinance through the Indian Loan Guarantee and Insurance Program (ILGP) program. As a result, THI was able to gain a larger line of credit, a better rate and term, and manageable payments without fees. THI is proud of their Summit product line and our distributors. They strive to give our distributors the product support and training that will make them successful. THI/Summit offers private branding and custom manufacturing for specific needs.

“The Indian Loan Guarantee could not have come at a better time. We were able to successfully ride out the economic dip that began in 2008 and continue to make a profit and increase our employee base from 8 to 10 employees, with occasional temporary help for busy times,” said Tracy Crow, THI President.