Ridgestone Bank provided StyleNet Holdings, LLC, this well-known Franklin, Tenn. website and social media marketing company dedicated to the salon and spa industry, with an SBA 7(a) loan. Utilizing this loan, minority shareholders Michael Reader and Heather Smith, via StyleNet Holdings, LLC, were able to purchase 100 percent of the company from its former majority shareholders. This provided for an orderly succession plan for this business. Additionally, with long-term working capital provided with this loan, the company will be able to hire additional employees, cut expenses within operations and expand its development and marketing plans.
After two years of unsuccessful buy-out negotiations, Ridgestone Bank was contacted to work through the valuation of the business, provide a financing structure that was beneficial to all parties and work through the details to bring this acquisition to closing. Ridgestone was successful in underwriting, approving and closing this loan in less than 60 days. Ridgestone Bank has the experience to work through the complicated scenarios associated with change of business ownership and provide the needed funding for these businesses to succeed.
Ridgestone Bank is a privately-held bank with full-service branch locations in Brookfield, Wis. and Schaumburg, Ill., as well as lenders in Indianapolis, Northeast Wisconsin, Northcentral Wisconsin, Tennessee, Southern California, Ohio and Madison, Wis. Founded in 1995, the bank is a leader in small business and government guaranteed lending nationwide. Distinguished by the SBA as an “SBA Preferred Lender,” Ridgestone Bank is a top 10 SBA lender in the nation is the number one SBA lender in Illinois and is the number one SBA lender in its asset size in Wisconsin. Ridgestone Bank is a leader in USDA lending in the United States and has been recognized as a valued partner by the USDA for its commitment to small businesses. Ridgestone Financial Services trades its common stock on the OTC Market exchange under the ticker symbol “RGST.” For more information on Ridgestone Bank, visit www.ridgestone.com.