EUMOTIF
Eumotif, Inc. is computing bigger revenues these days! This information
technology equipment and management services company, owned by Shashi
Jasthi & Abhay Jajoo was recently approved for a second Expansion Assistance
and Development Program (EXPAND) collateral enhancement. Eumotif is
a certified Minority and Small Business Enterprise (M/SBE) and an approved
vendor of the City of Phoenix. Eumotif also works with other local and
federal government agencies. The M/SBE certification, as well as a "Government
Service Agent" designation by the U.S. Government has significantly
increased the North Phoenix based company's customer traffic.
Eumotif requested assistance from the EXPAND program in order to secure
$650,000 in working capital loans from Arizona Business Bank. The company
is in the midst of a rapid growth phase. Eumotif needed access to outside
capital to finance growth, to endure a cyclical operating cycle, and
to fulfill the contractual requirements of larger projects. The company
is not, however, new to the EXPAND program. In 2003, Eumotif leveraged
the EXPAND program with a smaller but similar request. According to
Eumotif's owners, the EXPAND program has positively impacted the company's
recent growth and development. The most recent EXPAND collateral enhancement
will enable the business to create five (5) new full-time equivalent
jobs within the next two years.
EXPAND was created in 1994 to help address the financial needs of the
small business community. EXPAND facilitates access to capital for small
businesses through collateral deposits pledged to secure loans from
local financing institutions. From inception, the EXPAND program has
pledged $9.3 million in collateral enhancements facilitating over $42.6
million in loan dollars to Phoenix based businesses.
For more information on the EXPAND Program, visit www.phoenix.gov/econdev/sbfinance.html
|
