Geneva Supply Commits to Wisconsin Using SBA-backed 504 Loan for Building Purchase
Mark Becker and Jeff Peterson started doing business with Amazon in 2007 and soon realized a bigger business opportunity. Many manufacturers did not want to invest in sorting out the knotty, complex compliance, and logistics rules for shipping to Amazon. Mark and Jeff made it their mission to help manufacturers sell through the online marketplace, founding Geneva Supply in 2009 in a 10,000-square-foot airplane hangar in Burlington, Wisconsin. The company provides logistics and packaging as well as brand and e-commerce marketing support. Their first venture was selling GE MWF water filters to Amazon, which did not have a direct relationship with GE appliance parts. Geneva Supply built the relationships and infrastructure, resulting in $6 million in sales over 12 months.
With brands moving into different Amazon selling categories every one to two years, Geneva Supply gained attention beyond their original core business, resulting in 30% year over year revenue increases. With growth came the need for room to grow, so they moved to Delavan, Wisconsin, into a leased space.
The two business partners wanted to show their commitment to Delavan and the community. In 2017 they used a $1.6 million SBA-backed loan with Wisconsin Business Development to help them purchase their leased building. The 25-year term and low fixed interest rate, combined with only 10% down, enabled them to keep the cash they needed to finance their rapid growth. “We didn’t miss a beat thanks to the cash management we were able to do with this loan,” says Mark.
Geneva Supply’s blazing growth has continued. The company passed the 100 employee mark in 2019, a step Mark and Jeff note as a milestone in their success. They now have locations in Phoenix and in Charleston, South Carolina, and are expanding their brand management and digital marketing with Amazon Europe and Amazon Mexico. They anticipate revenues will pass $100 million in 2020. “It was great to see our biggest year in sales match up with our largest hiring increase and result in our most profitable year. The SBA loan set us up for this successful expansion.” Mark Becker and Jeff Peterson were SBA Wisconsin's 2020 Small Businesspersons of the Year. They obtained a Paycheck Protection Program loan in April 2020 to help them keep their team working during the COVID-19 pandemic.