When Ned Golterman first thought about what options were
available for financing the expansion of Golterman & Sabo, his
St. Louis-based building materials company, the solution seemed
simple. He could use his local bank, just as he had in the past.
But when one of his advisors suggested that an alternative
low-interest loan from the Industrial Development Authority might
better serve the company, Golterman decided to learn more.
"I had heard about these types of loans, but the reputation
was they were great for companies like Chrysler but weren't [an
option] for entrepreneurial manufacturers like my company,"
says Golterman, 43. After he made a visit to the St. Louis County
Economic Authority, however, Golterman became a believer in the
idea. What changed his mind? A new program he discovered, known as
"mini-bonds," which saved him thousands of dollars in
interest, while cutting through the red tape associated with
bonds.
Originally published in the January 2002 issue of Entrepreneur Magazine
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