PowerSource Electric in Montrose doubled its sales in less than a year after moving its home-based business into a storefront at 555 Spring Creek Road. Owners Robert and Stephanie MacFarlane were able to make the leap with the help of Region 10 League of Economic Assistance and Planning.
The MacFarlanes had noticed an empty building for sale last year on the west end of Montrose’s Main Street, which turns into Spring Creek Road. They were ready to move the business they founded in 2014 into a commercial building, so they approached Alpine Bank-Montrose president Tyler Dahl about a loan to purchase the property.
The MacFarlanes lacked the full down payment amount necessary to obtain financing, so Dahl referred the couple to Dan Scinto, Business Loan Fund Director at Region 10.
“We partner with Region 10 in situations where (clients) need a little help with putting money down,” Dahl said. “Region 10 steps in to fill that gap so borrowers can get financing.”
The McFarlanes were able to put 10 percent down on the building; Region 10 provided an additional 15% loan toward the down payment. Alpine Bank financed the remaining, allowing the couple to close on the property in April 2017.
“From a business loan perspective, it’s a classic example of how Region 10 Loan Fund works in conjunction with a progressive local bank to assist a local business grow,” Scinto said.
The extra space provides room for storing equipment, including a new vehicle. The MacFarlanes have also created additional local jobs since they bought the building.
“At home, we had four employees; since we moved into the new building we have 11 employees, and we need two or three more,” MacFarlane said.
“Helping businesses expand is a big part of what Region 10 does,” Scinto said. “We like to work on projects that help businesses increase employment in the region.”
The new storefront has attracted walk-in customers, and the contractors with whom the MacFarlanes do business appreciate the fact that their clients can visit the shop.
PowerSource Electric works on both residential homes and commercial buildings, including installation of ceiling fans, irrigation pumps, and other projects, as well as “trouble-shooting” various customer issues.
Since moving into the building, “service calls have gone through the roof,” MacFarlane said.
MacFarlane is hoping to expand in the future by opening another shop in Delta. “We want to service Delta and Cedaredge without a lot of drive time,” he said. When that time comes, he said he’ll be contacting Region 10 again.
“Dan was really great – it was an easy process,” Robert said.
Plus, Region 10 continues to help by offering feedback, free business counseling, and low-cost classes – to which Robert has sent his employees.
PowerSource Electric’s neighbors are happy they moved in. The former liquor store property had sat empty for a while. The MacFarlanes painted and remodeled the building and cleaned up the general area – increasing the property value significantly.
Dahl, at Alpine, said the spruced-up property helps the city of Montrose.
“It looks great,” said Dahl. “We’re glad to be a part of that, and partner with Region 10 to make that happen.”