Harmony, North Carolina — May 6, 2020 — North Avenue Capital (NAC), a specialized commercial lender providing capital under the USDA Rural Development loan program, has funded a strategic loan to B&C Timbers, LLC, the parent company of third-generation lumber provider, G&G Forest Products, of Harmony, North Carolina.
G&G was originally formed in 1973 by Vance Gregory and his son, Cecil. After more than 40 years of navigating the rural business, B&C Timbers, LLC was created by Vance’s grandson, Brandon, and his wife, Kimberly, intending to purchase G&G’s assets and revitalize the company under the next generation’s management.
As a proven leader in the specialty wood products manufacturing industry, with a vast network of commercial customers, the USDA loan will refinance G&G’s current debt and expand its capacity, with more advanced lumber processing equipment.
G&G’s new President, Brandon Gregory, expressed how much of an honor it is for his wife and him to carry on their family’s legacy; “not only will the loan from North Avenue help lower our expenses, but with the new equipment online, we’re positioned to expand our services here in the U.S. and pursue opportunities overseas.”
During uncertain times, this loan takes G&G’s competitive advantage to customize large specialty timber to the needs of its customers, diversify its product portfolio, adapt to the needs among their customers, and tap into growing demands around the world. NAC’s loan also provides working capital that will support G&G’s day-to-day operations and serve the local community by preserving above market-wage employment opportunities.
G&G’s leadership team has over 60 years of combined experience in the lumber and sawmill industry, making them uniquely qualified to steward the business to the next generation. Paired with the expertise of long-standing talented employees, a loyal customer-base, and opportunities for global expansion, G&G is a great example of why the USDA is partnering with private enterprise to stimulate economic development and job growth in rural America.
NAC Chief Executive, Ben Chatraw, commented, “the Gregory family has created a lasting legacy, and NAC is proud to play a small role in supporting the business and their future endeavors.” Chatraw expressed how compelling it is to be part of a public-private partnership that facilitates generational transfer, equips for international expansion, and preserves quality of life in rural communities.