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- By First American Capital Corp.
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In the middle of the pandemic’s uncertainty, Adam J. Skenandore began his journey to use his expertise as a Traffic Control Technician and start ANASA Traffic Control Services, LLC.
The road to realizing this vision, however, was fraught with challenges. This story captures his struggles and how First American Capital Corp (FACC) played a crucial role in guiding Adam to overcome hurdles and achieve his entrepreneurial dream.
The Challenge
Adam’s first step was to approach traditional banks to secure a loan of approximately $1.4 million. Despite having a robust business plan and clear vision, he faced six months of rejections from two banks due to a lack of equity, or “skin in the game,” as he recalls. “After getting rejected, it almost seemed like this was the wrong course of action,” Adam shared.
Undeterred, Adam explored options tailored for Native American entrepreneurs. This led him to connect with Bill Beson and Gary Mejchar of FACC, a certified Native Community Development Financial Institution (NCDFI). During their initial conversation, they reviewed his business plan and immediately offered assistance, which was a turning point for Adam. “When you become comfortable with somebody you know has your back, it’s a great feeling,” he reflects.
The Solution
FACC believed in Adam’s vision and helped him refine his business plan to focus initially on traffic control, which was more feasible for securing the needed funding. “Everything looked great, and they wanted to fund it…but it would just be the traffic control; that would be the best option to get going.” Their guidance was crucial in starting the business with a future hope of expansion.
Beyond financial backing, FACC provided ongoing mentorship, regular check-ins, business promotion, and connections to other resources. This comprehensive support helped Adam grow his business from two employees to over 60 within three years. Partnering with FACC proved to be the perfect solution and a “life changer” for Adam. “They’ve been a great partner, pushing me to connect with others and just promoting the company.”
Results
- Consistent and Sustainable Growth: With FACC's support, Adam’s business grew steadily over three years, expanding from 2 to over 60 employees.
- Ongoing Financial Backing: Reliable funding from FACC allowed Adam to focus on operating and expanding his business without financial worries.
- Access to Resources and Mentorship: FACC connected Adam with industry mentors who provided guidance on essential business functions, such as safety programs and operations.
- Promotion and Networking Opportunities: FACC actively promoted Adam’s business to other organizations and Indigenous groups, expanding his network and accelerating growth.
Conclusion
Adam’s journey with ANASA Traffic Control Services, LLC captures the essence of entrepreneurial spirit, resilience, and the importance of targeted support for Indigenous businesses. FACC’s role in this success story underscores the critical impact of certified Community Development Financial Institutions (CDFIs) that support underserved communities.
By providing financial backing, mentorship, and a network of support, FACC has helped Adam achieve his business goals and contributed to the broader mission of empowering Native American entrepreneurs. Adam’s story, marked by challenges, strategic pivots, and eventual success, serves as an inspiration to aspiring entrepreneurs, demonstrating that with determination, proper support, and community backing, achieving business success is within reach.
We’re here to help
If you’re inspired by Adam’s journey from overcoming obstacles to achieving his dream with FACC’s support, consider how we can assist in realizing your entrepreneurial ambitions. FACC’s personalized support system empowers you and your business, whether starting or seeking to expand.
Take the Next Step with FACC:
- Discover More: Visit FACC’s website to learn about their services and support. Understand how they can help you navigate the challenges of starting and growing your business.
- Connect for Support: Reach out to FACC directly to discuss your business idea or growth plans. Their team is ready to offer the guidance and resources you need to succeed.
- Join Our Community: Join a network of thriving businesses that have benefited from our support. Share your story, learn from others, and find new growth opportunities.
Your entrepreneurial journey is unique, but you don’t have to walk it alone.
With FACC, you have a partner committed to your success.