After 13 years in business, Arizona-based Tectonix Steel has grown to the 5th largest company in the country in its industry, employing 48 staff members.
Due to being a business in post-recession construction, Jason founder and owner-operator of Tectonix Steel, sought additional working capital from IOU Financial. “Because we’re in the construction business, our cash flow ebbs and flows,” explained Jason. “For example, we will do a large, $300,000 project, but we might not get paid for 90 days. So we will work for three months to do the job, but won’t see payment until three months later. IOU has been a great partner in helping smooth our cash flow.”
One of Jason’s favorite parts of being a small business owner is taking care of his employees. Before revving up for the new year and some larger jobs, Jason was able to reward his employees for their hard work. “We wanted to provide comfort for our employees, give them bonuses, and get ready to bring our best into the new year. The additional capital also allowed us to do that,” said Jason.
“IOU is concerned about the relationship, making sure the customer is happy, and about future business,” said Jason. “They’re friendly and willing to help, plus I feel safe and secure knowing I can pay off early and not be penalized… that’s huge!”