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While Scojet solves engineering problems, Synovus solved their financing needs
After locking down a big contract to manufacture parts for an aerospace engineering company, the folks at Scojet, Inc., should have been celebrating.
Instead they were in a pinch.
The big-name bank that Scojet chose to fund the company's expansion came to the table with a loan loaded with an unexpected surprise: It was a loan that didn't offer the amount of capital they were expecting, based on previous conversations with the banker.
“It wasn't supposed to be that way," said Gary Trzcianka, president of global manufacturing for Scoject, which is based in Brunswick, Georgia. “Basically the bank underfunded us at the last minute, right there at closing."
With the looming deadline in the aerospace contract, Scoject pressed on, while still needing a good bit more in capital funding. Sure enough, a couple of years later they needed more equipment — and more money.
"Synovus understood what we needed. Our banker helped us restructure the whole loan, and that let us get out from under our old bank, buy the new machines, and also refinance to consolidate our debt."
Getting it right with Synovus
This time, they were looking for a different bank they could trust — a particularly important factor for a company whose caliber is measured by the precision of its products. “We weren't going to redo the existing loan with the same bank. They couldn't get it right the first time," Gary said.
That's when they found Synovus and its business loans.
When Gary talked to representatives at Synovus — recognized as one of the nation's most reputable banks — everything fit like a finely tuned machine. He quickly gained confidence in Synovus after talking with his bank representative there, who "got it." He'd found a banking partner as nimble as his own business, which could be making pieces for lawn and garden equipment one week and aircraft parts the next.
"Synovus understood what we needed. Our banker helped us restructure the whole loan, and that let us get out from under our old bank, buy the new machines, and also refinance to consolidate our debt," he said.
Helping better manage cash flow
Synovus has since helped Scojet solve a major cash flow problem, too.
“In manufacturing, customers now want longer and longer terms," Gary explained. "Some of ours take 60–90 days to make their final payments, but our suppliers need to be paid before that."
The solution was a sweep account — part of Synovus's Preferred Business Checking account — with a line of credit that allowed the company to pay its suppliers on schedule while waiting for customers' final payments.
Now with the support of Synovus, Scojet is ready to rocket to even more success.
Do you want to take your business to new heights? Give us a call at 1-888-SYNOVUS (1-888-796-6887) or stop by a Synovus location near you.