Rural Enterprises of Oklahoma Inc.

Valley Forge and Manufacturing, Stigler, OK

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When David Thornton decided to start a steel and metal fabricating business in Stigler, population 2,731, he worked with the small business coordinator at the local vocational center to draw up a business plan and then approached the First National Bank of Stigler for financing. The bank was interested in Mr. Thornton’s plan but agreed to provide only a portion of the amount he needed. They recommended bringing another lender on board, Rural Enterprises of Oklahoma Inc. (REI).

REI has been working for the people and businesses of rural Oklahoma since 1982. The organization began as a small business lender but has since evolved into a multifaceted economic development organization serving the entire state through offices in Alva, Durant, Oklahoma City, and Tulsa. In addition to offering various business lending programs, REI manages business incubators in 10 communities and provides affordable housing opportunities for working families.
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Thanks to the partnership between REI and First National, Mr. Thornton secured the financing he needed and launched his new business, Valley Forge and Manufacturing. Although the company struggled for the first few years, REI and First National worked with Mr. Thornton to help him manage his loan payments. In time, Valley Forge was off and running. For the first eight months of 2006, the company’s revenue totaled $182,306. It has also had an impact on the local economy by providing four full-time jobs in the small community of Stigler.

Over the years, REI has provided $105,000 in financing to Valley Forge. Although Mr. Thornton certainly appreciates the financial assistance, he is equally grateful for the understanding and flexibility the two organizations have shown. “I would have filed bankruptcy after the first two years if it hadn’t been for them working with me,” he says. “They’re great people to work with.”