Synovus is the bank of choice for HX5 in Fort Walton Beach
A U.S. Air Force veteran and business-savvy executive, Margarita Howard knew about a favorable Small Business Association (SBA) loan available for small and growing business like hers. Initially, because of the small size of HX5 at the time, she had trouble finding a bank willing to negotiate the complexities of establishing a loan that met the SBA's Patriot Express Loan Program criteria. That is, until she found Synovus.
"Other banks weren't willing to take the time to do it. But Synovus was," said Howard, who is the founder, owner, and president/CEO of HX5, a government contracting firm based in Fort Walton Beach, Florida, specializing in R&D, Engineering, and Mission Support services for NASA and the Department of Defense. The vice president of her local Synovus branch reviewed her business plan, then researched the loan and lobbied his board of directors to "take a chance on HX5," she recalled.
That was in 2008. Armed with her $350,000 loan from Synovus, she had the funding necessary to perform successfully on a critical contract awarded to HX5 by the U.S. Army. From there, Howard was able to successfully leverage it as an integral part of the overall contract portfolio HX5 was building and using to win future contracts supporting the Department of Defense and NASA. "We had three to five years to pay off that loan, but we paid it off in one year," she said. The company now employs workers in 38 states and staffs program offices in Texas, Ohio, Alabama, Utah, and Mississippi, as well as in its corporate office in Florida.
"Synovus took an interest in us at a time when other banks thought we were too small to work with."
"Synovus took an interest in us at a time when other banks thought we were too small to work with," Howard said. That's why she's remained loyal to Synovus, now an SBA preferred lender.
HX5 leverages a full suite of Synovus products — including business credit cards, a money market account, and a health savings account.
The other reason for Howard's steadfast loyalty with Synovus? Iron-clad customer service.
"Because of the nature of the government work we're involved in, sometimes we need something done very quickly — line-of-credit verification and things like that," she said. "The bank is very responsive to what we need."
If you're searching for a banking partner that will go the extra mile to make sure you've got enough runway to reach your dreams, learn how Synovus can help. Just call us at 1-888-SYNOVUS (1-888-796-6887) or stop by your local Synovus branch. We're here for you.