North Avenue Capital Closes $5 Million USDA Commercial Loan to Almond Brothers Lumber Company
Ponte Vedra, Florida – September, 2020 –
North Avenue Capital, LLC (NAC), a top provider of USDA-backed commercial loans, has secured a $5 million USDA Rural Development Business & Industry (USDA RD B&I) loan to Almond Bros. Lumber Co. in Coushatta, Louisiana.
Founded in 1947, the fourth-generation family-owned sawmill, located in rural Louisiana, produces high-quality Yellow Pine lumber for export to over 30 countries in Europe, the Middle East, and more areas around the world.
By providing the USDA RD B&I loan, NAC will help the company refinance its existing financing structure and make strategic equipment upgrades, which will allow the business to grow and improve operations and expand its export markets.
The plot of land which spans over 86 acres holds 26 buildings that include the main office, warehouse, machine shop, kiln control room, and more. With the loan in place, Almond Bros. will be able to upgrade the software of several key pieces of equipment, which will eliminate the downtime for repairs and increase the efficiency of its overall production capabilities.
Over the past 20 years, Vine, Will, and Winn Almond, relatives of the original Almond Bros. founders, have had extensive hands-on training in every aspect of the company’s operations and management. Using their experiences, the unique family-owned and operated business will be able to sell directly to their target markets, rather than their competitors who outsource their shipments through third-party companies.
North Avenue Capital’s hand in providing USDA-backed commercial loans to rural businesses have been beneficial to the small rural towns’ surrounding communities. As the largest private-sector employer within the area, Almond Bros. serves local businesses and residents by creating local above-market wage employment opportunities. The company has remained on the same property for over 70 years and provides more than 80 jobs to many long-term employees with deep roots in the community.