Startup Financing for Equipment and Tools for a New Window Factory
This loan is to launch the New Era Windows cooperative from the remains of Serious Energy's Chicago window business. The loan buys equipment and provides working capital to start this groundbreaking cooperative and work with it to profitability.
$450,000 is for just the equipment and raw materials and was giving out on the 9th of August, 2012, as wire transfers to Serious Energy and Mars/Wrigley as part of a joint venture with HyperAMS and Heath Industrial, the liquidators of the excess equipment.
The remaining $195,000 will be given out for working capital as needed. Right now, working capital is planned to be to acquire a new space (down-payment and deposit), to pay for the move, to pay for insurance, to pay for any missing raw materials, machinery, software or anything else necessary to produce. Salaries are not being considered from this initial loan for lack of funds, except perhaps for those cooperative members who do not have unemployment benefits, and then in an amount equal to the unemployment.
An application to the Illinois Department of Commerce for matching collateral for this loan is being considered.
Other Loans to This Co-op
|April 1, 2015||US $1,000,000.00||Active||This credit line is for purchasing all raw materials, maintaining cash flow needed for growth|
|March 23, 2015||US $100,000.00||Completed||This working capital line provides financing for a large municipal windows contract, allowing New Era Windows to compete at a much larger scale.|