This Mentor based OEM business sells products for industrial process control, data acquisition and sensor equipment. Glatte Inc.’s SBA Community Advantage Loan from Growth Capital left a big impact on the company.
Glatte, Inc. has been operating in Mentor, Ohio for almost 70 years. It sells OEM industrial products mainly in the Midwest and Mid-Atlantic areas of the country. Started by Hubert Glatte in 1949 as Glatte and Company, the company has changed hands a few times over the years. The current owners, Michael Luck and Scott Elliott, who both worked for the company for years, took over in 2004 and formed Glatte & Company into Glatte, Inc.
Glatte Inc. has had some steady growth recently and was in need of increasing their line of credit. When the bank they were working with was not prepared for this and referred Luck and Elliott to Growth Capital. Because the business qualified as a low-to-moderate income borrower and meets the SBA Underserved Markets requirement, Growth Capital was able to set Glatte Inc. up with a SBA Community Advantage Loan in the amount of $110,000. This loan has helped Glatte pay down the line of credit as well as have some capital in the bank to continue its growth.
The banker who referred Glatte to Growth Capital tells us, “I saw Mike out in the community on Friday and he gave me a big hug and THANKED ME for the referral to Growth Capital.”