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Working capital and equipment help South Bend architects build

Ken Herceg & Associates loanKen Herceg & Associates is an architectural and engineering firm that designs and builds many public projects in the Midwest. Working capital and equipment financing from the Indiana Community Business Credit Corp. and Lake City Bank boosted the company's reach and ability.

Ken Herceg's company is creative. "We explore ways that engineering and architecture can boost our clients' missions and create functional places that people love," says Herceg.

Among Herceg's landmarks: the South Bend Regional Airport's terminal expansion, Indiana Toll Road Willow Creek toll plaza, and exterior renovation of the LaPorte County Courthouse. Herceg's company is located in South Bend's tallest building, but its dozen employees usually are in the field working with clients.

The Credit Corp. is also creative. Its mezzanine fund is provided by more than 30 member Indiana banks, including Lake City Bank.

"Lake City Bank joined the Credit Corp. so we can broaden our community involvement by providing new services to important clients such as Herceg," says Lake City's Tom Bruce.

Hubbard & Cravens Coffee perks up with Credit Corp. mezzanine funding

Hubbard & Cravens loanHubbard & Cravens Coffee opened a roasting plant in an Indianapolis neighborhood in 1991 and distributes 90 percent of its fine coffee and tea nationally to hotels, offices and supermarkets.

Loyal local customers get their java jolts at H&C's three neighborhood coffee shops, two downtown and four in IU Health hospitals.

The financial challenge for Hubbard & Cravens in 2012: keeping intact long supply lines stretching to coffee producing regions in Latin America and Africa; taking advantage of a good local growth opportunity; and competing against larger companies. The Indiana Community Business Credit Corporation stepped in with financing from its risk capital pool.

H&C CFO Erni Mann says, "The Credit Corp. allowed us to bridge subordinated debt with traditional bank financing, helping us get a more favorable overall cost of debt." The financing allowed Hubbard & Cravens to secure better vendor contracts.

Mann says, "It was hard for traditional banks to understand our financial needs, growth and cost structures.營t certainly was hard to understand how our business could capitalize on the changing economics around the world when most industries were struggling."

Though Hubbard & Cravens will remain smaller than giants such as Starbucks, H&C's influence reaches nationally: over 90 percent of its wholesale roasting ships outside Indiana. Great output from H&C's 200 employees.

With successful Credit Corp. financing and repayment -- and previous Lynx Capital funding of H&C's distribution arm, HCO2 -- Hubbard & Cravens received the financial caffeine it needed to solidify growth and competitiveness.



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