Idaho-Nevada Community Development Financial Institution
T&L Cedar Lawn Furniture Buhl, ID
In 2002, Tom and Leasa Speck, the owners of T&L Cedar Lawn Furniture, reached a crossroads. After 16 years in business in Buhl, Idaho, their company had struggled in the economic downturn that followed the events of September 11, 2001. The lease on their building was set to expire, and even though they had an option to purchase the property, they weren’t sure they could qualify for a loan.
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After reviewing T&L’s financials, the loan officer at Key Bank suggested that the Specks contact the Idaho-Nevada Community Development Financial Institution, a CDFI founded in 1999 to provide financing for small business ventures and affordable housing projects in Idaho and Nevada through its offices in Pocatello and Boise.
Realizing that T&L was one of the few companies in its predominantly agricultural community to provide manufacturing jobs, the Idaho-Nevada CDFI offered the company a $30,300, 20-year loan with a fixed interest rate of 6.5 percent. Once the CDFI was on board, Key Bank agreed to provide additional financing of $170,000, and T&L purchased the property.
“At first, Key Bank was skeptical about giving us the real estate loan,” says Mr. Speck. “If it hadn’t been for the CDFI, it probably wouldn’t have happened. We would probably be doing something different right now.”
Things are going well for T&L. The company’s annual sales have increased from just over $200,000 in 2002 to $710,000 in 2007. Its seven employees have good jobs they can count on, and Buhl continues to have a vital manufacturer in its downtown core.
