Weld Tech
Jesse Ibarra, an entrepreneur at heart, decided to transition from owning a successful body shop to a welding company after realizing his passion for iron work. With little money and no formal education, Jesse began Weld Tech in 2000, a metal-fabrication business working on projects such as creating balconies for new developments, residential and commercial fences, custom headboards for individual customers, and structures for Cook County's Forrest Preserve.
While the business was rapidly growing, Jesse quickly realized his limited resources. Three years into his business, Weld Tech’s sales were at $400K, yet Jesse was unable to access the capital needed to meet his business growth.
After four years operating on a day-to-day cash flow basis, and with 25 full-time employees and sales surpassing $2M, Jesse decided to apply for a loan one more time, this time with the help of CCV. CCV helped Weld Tech re-organize its production to be more efficient and also put Jesse in touch with an accounting professional who was able to properly organize and present Weld Tech's financial statements for a loan. The accountant's new system also allowed for Jesse to keep better track of his accounts and easily generate statements himself. With CCV's help and these changes, Jesse finally closed on a $300,000 loan in 2007 that has helped Weld Tech to better manage its cash flow, win more contracts and grow the company.
As Jesse says, "I applied three times on my own for a bank loan but was denied each time. With CCV's assistance, I finally heard the words 'you're approved!" Jesse is now looking to the future. In 2008, he is hoping to move Weld Tech into a larger space and expects to hire another 20 employees and double his sales. Jesse's ultimate goal is to reach $10M in sales, at which point he will proudly pass the business on to his daughter. CCV continues to have a close relationship with Jesse and is working with him to meet his goals by connecting him to procurement opportunities and resources that are crucial to Weld Tech's success.