America’s Small Business Development Center Iowa (SBDC) is pleased to announce that Madrid Hardware, located in Madrid, IA is the winner of the organization’s statewide June Small Business of the Month.
Madrid Hardware opened on March 31, 2023 by owners, Stacey and Jesse Bannor. In 2011 they created a toy company in the basement of their home and have been business owners for over a decade. They said they had a lot to learn going from an ecommerce to a brick and mortar retail store. Stacey and Jesse learned a lot about business, loans, the SBA, and working with a big corporation like True Value to open a store.
Madrid Hardware was made to fill the gap that the Bannors had noticed since they moved to Madrid in 2016. They had to leave town for every house or yard project, which was super inconvenient. They also found themselves needing a hardware store for their other business, Bannor Toys. Madrid Hardware became a success because of the teamwork and the community that supports it.
Madrid Hardware is bringing back everything great about a small town hardware store, including staff who greet and help customers find items, take things out to the car, and more. Customer service is their top priority. Madrid Hardware is working to be the neighborhood hardware store you stop in to grab a free coffee while you gather the things you need to tackle your next project. They are also passionate in supporting the people that have supported them and they give back to the schools, booster club, sponsor various clubs and donate to raffles often.
When looking for help with starting their business, Stacey and Jesse reached out to the Iowa State University SBDC where they got connected to Regional Director, Leah Locke. They said, “Leah was a huge help in getting our business plan and papers in order for the SBA! She helped walk us through parts of it and really refine what was needed, we are so thankful for her help and continued support.”
Looking to the future, Madrid Hardware plans grow their rental department, sporting good section, and to have a full greenhouse at the store in the spring!
For more information: www.facebook.com/madridtruevalue