PONTE VEDRA, Fla., May 13, 2019 (GLOBE NEWSWIRE) -- North Avenue Capital (NAC), specialized commercial lender, announced today the closing of a $2.9 Million USDA Rural Development loan to Cornerstone Fabricators, LLC (Cornerstone) of New Iberia, Louisiana. Founded in 2011, Cornerstone designs and fabricates equipment and parts for domestic and global construction, oil and gas, marine, and agricultural companies. Cornerstone also provides logistics, project management, procurement, welding, and engineering services to their clients.
Despite the improving economic conditions across the country, traditional financing sources remain largely unavailable in rural markets. The persistently tight lending climate that plagues these communities is making it difficult for companies like Cornerstone to access the capital they need to meet expanding demand for products and services. Speaking for his partners, Chet Poche and Luke Bourque, co-owner, Jody Guidry, expressed that “without the assistance of the loan from NAC, Cornerstone would have missed out on winning new sizeable projects and the jobs of our dedicated, highly-skilled employees would be in jeopardy.”
Cornerstone has remained committed to professionalism, efficiency, and exceptional results, despite the challenges of securing affordable financing. NAC Chief Executive, Ben Chatraw, stated “with a 20-year debt structure now in place, supported by USDA Rural Development, a significant distraction has been eliminated, and Cornerstone can focus their full attention on execution.” He added that this project is a great example of how the USDA loan program is having a meaningful impact on rural businesses, the hard-working Americans they employ, and the tight-knit communities they support.
About Cornerstone Fabricators, LLC
Cornerstone Fabricators is a full-service design and fabrication company for equipment and parts in the following industries: oil and gas, construction, marine, and agricultural. Celebrating 8 years of business, Cornerstone has expanded to successfully service companies on a global level. Learn more about this Cornerstone Fabricators by visiting their website at www.cornerstonefabricatorsllc.com.
About North Avenue Capital, LLC
North Avenue Capital is a specialized commercial lender exclusively originating, underwriting, and funding USDA RD loans nationwide. Using its expertise, capital, and relationships, NAC is committed to building businesses, growing economies, and creating jobs in rural America. Learn more about North Avenue Capital and their Borrowers by visiting www.northavenue.com.
Contact: Joseph Rowell
Office: 904-562-2617
Cell: 404-822-7761
jrowell@northavenue.com