The Iowa Small Business Development Center at Southeastern Community College helped Terry Schnack with financial projections, accounting assistance, and obtaining financing so he could purchase a building and start his new automotive shop in West Burlington.
Terry Schnack is no stranger to owning a business. As the former owner of Wrench Works, an automotive shop in Wilton, Iowa, Terry grew his business and sold it to move to Southeast Iowa. He worked for a while at another automotive shop but the entrepreneurial bug hit him again. He decided to open an automotive shop in southeast Iowa, and began looking for a location. He soon found a building for sale in West Burlington and then went to the Iowa Small Business Development Center (SBDC) for help in securing a loan to purchase it.
The Southeastern SBDC helped Terry with the cash flow projections and preparing the loan application. Terry, an ASE Master Technician, secured a commercial bank loan, purchased the building, and set up his new automotive shop. C.A.R.S., Christian Automotive Repair Service, opened in June of 2009. Upon opening, Terry went back to the Iowa SBDC for help setting up his accounting system.
C.A.R.S. opened with two full-time employees and has grown to employ five full-time employees. Terry works closely with Southeastern Community College in hiring interns from their automotive program, and is an advisory board member to the College’s automotive program. Terry continues to utilize the consulting services of the Iowa SBDC, and has expanded the business to include a full line of tire sales and service.
“The SBDC is a great resource to help put together a loan application and financial projections for securing a bank loan. They are there to answer questions and to bounce ideas off of, and are not afraid to ask you (the owner) tough questions to make you think about your business decisions,” says Terry.
For more information on C.A.R.S. services, visit the shop at 909 Broadway Street in West Burlington, or call 319-752-3000.