Home Improvement Center of Southwest Arkansas
Ray and Lance Terrell, Owners
Nashville, Arkansas
Some might say that owning a local building supply store was in Ray and Lance Terrell's blood. Having worked in the industry most of their lives, it had long been their dream to have a building supply store of their own. Ray worked for West Lumber Company for 30 years and Lance worked for Murfreesboro Hardware and in his family's building supply business for over 27 years. The Terrells decided it was time to venture out on their own. To help accomplish this, they contacted the Henderson State University SBDC.
The Terrells located a suitable site in Nashville. Ray teamed up with the HSU SBDC to prepare a loan proposal to fund the project. "We couldn't have made it without the HSU SBDC, they have been invaluable," Terrell said. He also added, "Lonnie Jackson, HSU SBDC Center Director, informed us about the Federal Home Loan Bank grant program which we took advantage of. They walked us through the process step by step. I would recommend anyone to use the HSU SBDC services."
Ray Terrell presented the proposal to First State Bank of DeQueen and was able to successfully fund the project using a combination of funding including $740,000 from First State Bank, $560,000 from Arkansas Capital Corporation, and $25,000 in an EDPPlus grant from the Federal Home Loan Bank of Dallas.
The Terrells used the funds to construct and stock their store. They have been open since June 15, 2007, and are pleased with the response they have seen from the community. The Terrells plan to continue to work with the HSU SBDC.
Read more client success stories
Start Your Own Business | Improve Your Existing Business
