Product Financing News: A Letter from Ben Jones

January 1, 2014 No Comments

I am very excited writing this as the newest member of the executive team at Live Oak Bank where I am part of a small group of specialized lenders who are starting a new niche lending division that will focus specifically on providing financing for FECs, small parks and attractions.

As senior lender/FEC domain expert of Live Oak Bank’s FEC vertical, my role is to facilitate loan opportunities by assisting manufactures, suppliers, distributors and operators to identify needs and then working in concert with clients to formulate the financing avenues to meet those needs. As an industry peer and former operator, I am uniquely positioned and bring practitioner experience to the financing solutions we will offer FECs and related industries. The programs we have established encompass refinancing, acquisitions, new development, remodeling, equipment purchases and succession financing. With loan amounts of up to $5M, our terms and rates are competitive with fully amortizing maturities of up to 25 years without balloons, calls or crazy covenants. We are a cash flow lender with a focus on our client’s long-term health, prosperity and growth. If you have financing needs such as lowering existing loan payments to improve cash flow, making an equipment purchase or if you want to grow your business, we should connect.

Live Oak Bank started in 2008 with a singular goal to provide loans to small independent businesses whose markets and industries had been overlooked by traditional banks and institutions. Being overlooked or even mistreated by a vast majority of the banking world is a familiar cry from almost every FEC operator or professional. In the 27 years I have been involved in the amusement and FEC business, we have never had a national lender remotely interested, let alone committed to learning about the nuances of our business or lending money to our industry. Live Oak Bank’s approach and business model is working, as Live Oak is already the nation’s second largest originator of small business loans with clients all across the country.

It is inspiring to be part of an amazing company with great vision, a willingness to learn and where the opportunities to make a difference within an industry I love are endless. In the coming weeks and months, I will be reaching out to the FEC community with more details. In the interim, let me know how I can help: you, your business or our industry; I invite your inquiry and feedback.

(Ben Jones is a senior lender/FEC domain expert with Live Oak Bank. For more information, visit www.liveoakbank.com.)

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Sponsors

Klopp International, Inc. (Playmeter)

Quality coin counters and sorters.

SnowMasters

Evaporative snow systems.

Namco

Namco America is a premier manufacturer of coin-op arcade attractions, ranging from the hottest titles like Crazy Typhoon and Jumpin’ Jackpot to classic game-room experiences such as the Pac-Man 25th Anniversary upright that features Pac-Man, Ms. Pac-Man and Galaga. Specialized pieces such as Wonka Sweetland and Flamin Finger are favorites too! For arcade gaming fun, Namco America is your answer.

Lakeshore Merchandise (Smart Vending)

Premier vending supply for all of your vending equipment and supply needs.

Master Pitching Machine

Batting cages and pitching machines.

Store on Wheels

Importer and distributor of quality toys, lighting and novelties. Cater to the amusement, retail and entertainment industries.

Knight Equipment

Drive cables for ferris wheels, Tilt-A-Whirls, Rock-O-Planes and many others.

Tear Repair

Tear-Aid industrial strength patches to repair holes and tears.

Bulbtronics

A premier source for lamps, LEDs, batteries and lighting-related and electrical products.

Spectrum Sports

Climbing walls, ropes courses, go-karts and more.

Muncie Novelty Co., Inc.

Admissions, financial equipment, printing and tickets.

Price Chopper, Inc. Wristbands

Admission, financial equipment and wristbands.

Flagship Carpet

Custom carpets and rugs.

Davis & Davis, Inc.

Planning consultants for wet/dry attractions, mini-golf, go-kart tracks and laser arenas.

Enchanted Castle Studios

Fiberglass statuary and figures for restaurants, mini-golf, theme parks and other attractions.

Penny Press

Penny souvenir machine, great for parks, FECs, bowling and skating centers, museums and tourist attractions.

See Coast Manufacturing Co., Inc.

Coin-operated binoculars and telescopes.

Mahoning Valley Mfg.

A complete line of Imperial strollers, wagons and safari utility vehicles.

S&S Worldwide

Large Park amusement rides.

Hoffman Mint

Tokens, medals, coins and key tags.

Splashtacular

Manufacturer of waterslides

Aquaventronics

Research and development of interactive water games for use in the commercial amusement industry.

Gold Medal Products Co.

Concession equipment, foods and beverages, popcorn, pretzels and snack foods.

Quik N' Crispy (QNC)

Quik n’ Crispy greaseless fryer.

Funovation

Laser maze challenge

Subway

Fresh food and sandwich options.

Laser Star

Laser shooting galleries, laser tag, dark ride target systems, overhead target ranges.

Challenger Industries

Sports surfaces, carpets and mini-golf surfaces.

Embed

Provides innovative IT products and services with a primary focus on card-based solutions and database applications for the leisure and retail industries.

Gerber Manufacturing, Ltd.

Outdoor furniture, benches, picnic tables and grills.

Beckman Insurance Agency

Amusement attractions insurance.

CFX Composite & Effects

Special effects make-up and prosthetics

Friedman Group Ins.

Insurance for amusement devices.

Perfect Fry

Innovative and simple-to-operate countertop deep fryer Perfect Fryers.

Playsmart

Patented soft play design, soft playgrounds.

Hamilton Manufacturing Corp.

Manufacturer of unattended entry systems and change machines.

Northeast Insurance (NIC)

Insurance programs.

Soft Play

Leader in designing, manufacturing and installing soft contained playground equipment.

Adventure Golf

Miniature golf courses, consultants, architecture and design.

Center Edge Software

Facility Management Software Solutions

Empex Water Toys

Aquatons Water Toys

Birthday University

Concept development, training and birthday party touring seminars.

Thomco Insurance (Fun Pro)

Fun Pro is an insurance program especially designed for party planners and party rental businesses.

Harris Miniature Golf Course

Design and construction of miniature golf courses and water rides.

Art Attack

Theming, miniature golf, parade floats, 3D props, air-brushed murals, signage and art panels.

Family Fun Corp.

Waterpark walls for rivers, bumper boat and splash down pools.

Johnny Rockets
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Spectrum Sports
Cannonball Blaster
Funovation
Empex Water Toys