NAC Lends to the North Pole
Just beyond two giant crisscrossing candy canes in North Pole, Alaska, a team of 22 professionals bend, cut, drill, and weld steel for commercial customers throughout Alaska and beyond.
Centrally located in the heart of the arctic state, Universal delivers a range of services, including steel and aluminum fabrication, field labor, module and tank fabrication, engineering, shop drawings, sand blasting, epoxy application, galvanized thermal arc spraying, and component coatings.
A student of the cyclical nature of arctic operations and those of its customers, the fabricator equips customers with quality service and competitive pricing, thanks in large part to the elimination of exorbitant transportation fees levied by fabricators outside of Alaska.
As a key employer in a city with a population of 2,740, Universal’s presence is as valuable to its surrounding community as it is to the mining, government, construction, and oil industries it serves.
Yet to many traditional lenders, Universal’s rural location makes it an uncommon borrower. That’s why competitive funding from North Avenue Capital became an invaluable resource amidst the acquisiton of real estate, machinery & equipment, inventory, and accounts receivable by new ownership.
With the sale having been completed in tandem with the loan closing, NAC’s $4.75 million loan provides 16 years of runway to one of North Pole’s most revered employers.
NAC Vice President Ben Mathewson cheered the opportunity to fund the flourishing of another shining example of rural enterprise: “We are proud that we were able to provide capital, in cooperation with the USDA, to help make this acquisition a reality. The growth capital will help bolster the local economy, create jobs and further expand Universal's business.”