Buzz Foods is a locally-owned and operated business in Charleston, WV that has been providing world-class meat and seafood to chefs in hotels, resorts, and other establishments since 1938. The company is currently owned and operated by Dickinson Gould, who is the 3rd generation to own and operate the business. With a reputation for providing honest food, advice, and service, Buzz Foods is a trusted name in the industry.
In this blog, you’ll learn:
- How West Virginia Capital Access Program helps small businesses and startups looking to get funded
- How WVCAP client Buzz Foods used the Collateral Support program to build a stronger meat industry in Southern West Virginia
- Who is Partner Community Capital and how can they help your business
- How 3 Steps To Startup and WVCAP help you gear up for success and grow your business
What West Virginia Capital Access Program (WVCAP) Offers Startups
The program was reauthorized under the American Rescue Act Plan of 2021. The reauthorized program allows West Virginia to expand the original program with more than $70 million.
The focus of the program will be to increase access to capital and promote entrepreneurship in underserved communities and businesses. The program is expected to leverage each Federal dollar with $10 of private investment.
The West Virginia Capital Access Program (WVCAP)’s goals are to:
- Invest In Entrepreneurs
- Fund Innovation and Development
- Grow Companies
- Create Jobs
WVCAP Client Spotlight: Buzz Foods
Recently, Buzz Foods went through a program with United Bank and Partner Community Capital that helped the company preserve jobs and grow its business. The program provided collateral support for an acquisition that Buzz Foods made, allowing them to purchase a 90-year-old family business in Huntington, WV. This acquisition is part of Buzz Foods’ goal to “build a stronger meat industry in Southern West Virginia” by partnering with other local companies.
Before the program, Buzz Foods was trying to finance an acquisition with only debt. The partnership with Partner Community Capital provided additional collateral support, making the acquisition more comfortable for the bank. The collateral support was key in making the deal possible and allowed Buzz Foods to acquire the S.S. Logan Packing Company.
How Buzz Foods Benefited From The Program
The WVCAP program provided several benefits for Buzz Foods. The program helped the company to complete the financing for the acquisition of S.S. Logan Packing Company and preserve local jobs within the local company. This was an essential aspect of the program as it helped to strengthen the local economy by keeping jobs within the community. Some of the specific benefits of the program include:
- Supplemental collateral support: The program provided additional collateral support, making the acquisition process more comfortable for the bank. This was crucial in making the deal possible for Buzz Foods.
- Preservation of local jobs: The program helped to preserve local jobs within the community, which can help to strengthen the local economy.
- Support for small businesses: The program is designed to support small businesses like Buzz Foods.
- Easy to apply: The program was very easy to apply for and complete, which makes it accessible to a wide range of small businesses.
- Positive growth in jobs and revenue: Buzz Foods is confident that the program has created positive growth in jobs and revenue for the company.
- Strengthening the local industry: The program helped Buzz Foods to acquire a company that had been in business for 90 years, and now they are building a more robust meat industry in Southern West Virginia.
Overall, the WVCAP program is a valuable resource for small businesses looking to acquire and grow their operations. It provides the necessary support for businesses and helps to preserve local jobs within the community, which can help to strengthen the local economy.
How Easy Was The Program?
The program was straightforward to apply for and complete. According to Dickinson, “Partner Community Capital made it easy to apply, and I hope many small business owners are made aware of the program.” This program is new to the area, and its ease of use can be beneficial for other small business owners looking to acquire and grow their businesses.
How Much Growth Does Buzz Foods Expect?
Buzz Foods is confident that the program has created positive growth in jobs and revenue for the company. The acquisition of S.S. Logan Packing Company is expected to be great for local businesses and will continue to strengthen the meat industry in Southern West Virginia. The program has been a success for Buzz Foods, and WVCAP is hopeful that other small businesses will take advantage of the opportunity to grow their business through similar programs.
Who is Partner Community Capital and How can they help You?
Partner Community Capital (PCAP) lends to businesses and non-profits so they can improve the quality of life in underserved communities, through job creation, delivery of vital products and services, and environmental stewardship.
PCAP is a US Treasury-certified Community Development Financial Institution (CDFI). As a CDFI they are a private financial institution that is 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.
Since 2001 PCAP has:
- Lent over $100 million to 500+ businesses and no=profits
- Roughly 50% of their borrowers are women or people of color
- 85% of their borrowers are in rural or distressed communities
What WVCAP Can Offer Your Small Business
The WVCAP program is a valuable resource for small businesses looking to acquire and grow their operations.
The WVCAP provides the necessary support for businesses that are looking to finance an acquisition with only debt. The program can help preserve local jobs within the community, which can help to strengthen the local economy. And it’s easy to apply for.
Getting Started with 3 Steps To Startup & WVCAP
If you’re a small business owner looking to start or grow your business, we recommend looking into the WVCAP program and the services offered by 3 Steps To Startup. The 3 Steps To Startup team can guide you through the application process and help you understand how the program can benefit your business. With the proper support, you can take your business to the next level and achieve your goals.
Don’t hesitate to take advantage of the opportunity and contact 3 Steps To Startup today.3 Steps To Startup, Business Start Up, Educational Resource, Entrepreneurship, Informational Blog, Local Industry, Revenue, Startup, West Virginia Small Business, WVCAP