Josclyn Peterson and her husband, Terry, were providing services as Jaycees Housekeeping for six years when she got an offer to purchase a friend’s janitorial business. Excited about the potential increased revenues it could provide, she contacted Juneau SBDC for help financing the purchase.
Director Jackie Stewart helped with valuation to approximate a reasonable price to pay. She suggested the purchase be assets and contracts rather than the entire business to avoid potential liabilities that might go with the business. She provided assistance with business plan development and together they created projected financial statements to submit for bank financing.
Since a standard bank loan would require more collateral than the business offered, Josclyn was encouraged to apply for an SBA Community Express Loan, which requires a strong plan and good credit. She took time to write a good plan which she submitted with her loan application.
Successfully securing a $75,000 loan from by Alaska Pacific Bank, Joscyln purchased business assets and contracts, new equipment and had funds left for working capital. Jaycees Cleaning Service now stays busy cleaning houses, banks, theatres and other commercial properties.
Last modified: July 28, 2009
