O’Connor Belting International
O’Connor Belting International, also known as Derco USA, is a veteran-owned manufacturer of customized lightweight conveyor belting, supplying belts to a wide range of industries and for numerous applications. Derco USA was founded when it merged with Fabreeka in 2007. Fabreeka built its reputation over its 90-year history by combining high-quality European style belting with a focus on customer service and technical advice.
As the company grew, management decided to purchase a new facility; however, doing so was costly and put a stretch on the company’s cash flow. The Grow Delaware Fund provided a loan of $250,000, of which $119,000 was for refinancing, and the remainder for additional working capital. O’Connor Belting International was able to lock in a final fixed rate of 6.04% for the lifetime of the loan (10 years). Refinancing alone helped the company save $8,605 in monthly principal and interest payments. Furthermore, the company retained 27 manufacturing jobs, with three new positions to be added in the next two years. The Grow Delaware Fund is proud to have played a role in the company’s success.
“It would have taken five or six months to get loan through conventional banking. However, Grow Delaware Fund was able to process the loan within a short period of time. Now, we are back to a pretty strong cash flow again” said, Paul O,Connor Sr., CEO and President.
Visit O’Connor Belting International | Derco USA : www.DercoUSA.com