Loans, Cash Management, Working Capital: Enterprise Has Done It All for Our Family Business
A Q&A WITH JERRY AND CHRIS CAMENZIND, OWNERS, ARCTIC ICE
WHAT ARE THE BIGGEST CHALLENGES YOU FACE AS A BUSINESS?
Being in the ice business, keeping up with the demand during the hot summer months is our biggest challenge. We do 80-85% of our annual sales between May and September. Managing cash flow during the off-season months can be challenging as well. Lastly, like any other growing business, planning and managing expansion can be taxing.
HOW DID ENTERPRISE HELP SOLVE THESE CHALLENGES?
Our relationship with Enterprise goes back 25 years. During that time, Enterprise provided us with a line of credit that we were able to utilize to keep our business operating at full capacity during the slower winter months. Fortunately, we have recognized enough growth that we no longer have to keep a line of credit, but knowing Enterprise is there to help should the need arise provides peace of mind. Early on, our banker also introduced us to the Missouri Linked Deposit Program which allows lenders to provide low-interest loans to companies to run their business. The program allowed for a lower interest rate so we could borrow money to expand the business. Our growth has taken us through several expansions over the years and Enterprise has always been there to help us figure out the best way to structure the financing. They understand our business operations and create a solutions package with our best interest in mind.
WHAT IS THE IMPACT TO YOUR BUSINESS?
Through our relationship with Enterprise and their flexible financing options, we were able to purchase a new 12,000-foot freezer, which helped us expand our storage capacity. We also made facility improvements including parking and new docks. As our business continues to thrive, it is reassuring to know that we can turn to Enterprise when we need to upgrade equipment or expand physically.
Business SnapshotArctic Ice
Arctic Ice Company was founded in 1966. The company makes and packages an average of 275 tons of ice a day for businesses throughout the Missouri and Illinois region, including grocery stores, gas stations, restaurants, and industrial companies. They also offer event rentals such as ice box merchandisers, special event trailers, and refrigerated trucks and trailers.
Enterprise has always been there to help us figure out the best way to structure our financing. They’ve been great to us.
St. Louis, Missouri