But with solar-power adoption exploding in recent years, the company has faced more competition from other providers, generating pressure on the firm’s bottom line.
“We’ve had some ups and downs,” said Holly Baer, interim president and director of administration whose husband is one of three company founders. “Our products are good, but we’ve had some financial difficulties.”
The firm – which specializes in remote systems for the government, utilities and oil and gas operations – needs significant cash reserves for large jobs that don’t pay upfront. With some big government and private-sector deals in the works, the company turned to Accion to boost its reserves.
“It would have been hard to get bank funding because we’ve been short on cash,” Baer said. “We’ve had loans in the past, but credit has become much harder to get. Accion provided a $10,000 loan within days. It was amazing.”
The company, which employs 16 people at a 14,000-square-foot facility in the Sawmill District near Old Town, expects to seek more loans to finance future jobs.
“Accion has been enormously helpful,” Baer said. “They really show that they care about what you’re doing. They jumped in to help us with real understanding.”