THREE CHEERS ó Hip Hip Hooray!
This column salutes REAP businesses that are
finding ways to increase their success.
Russís Repair & Salvage and Auto Sales Turns to REAP for Help with Expansion Plan
Russ Furrow began working his business on a part-time basis in 1999, while continuing his full-time job. Russ began operating from the family farm near Endicott, NE. In 2003 Russ was deployed overseas for one year. After Russís year of service, he returned a disabled veteran, however he managed to save $11,000 to use as his investment into expanding his business upon returning home in 2004.
In 2006 Russ was able to begin working his business on a full-time basis. In June of 2007 Russ purchased a welding repair business in Fairbury and merged the two businesses together, which is now known as Russís Repair & Salvage and Auto Sales, located at 303 South I Street in Fairbury. What began in 1999 as a part-time interest for Russ today has grown into a successful business with assets exceeding $200,000 from an initial $11,000 personal investment.
Russ began working with Rural Enterprise Assistance Project (REAP) in 2004. He participated in two of REAPís small business trainings in Fairbury. He began working on his business plan with former REAP Co-Director Glennis McClure, which gave him a foundation to build upon.
In 2006 Janelle Moran, REAP Business Specialist, began working with Russ on the expansion plan to purchase the business in Fairbury. REAP was able to provide assistance with the business plan and the financial projections and loan package. Russ was able to secure financing for the expansion through American National Bank at Fairbury, the SBA Guarantee loan program, and the Fairbury City Reuse fund.
Russ currently employs two additional full-time employees and three part-time employees. He recently acquired licensing for auto sales. Russ plans to continue to expand his services and would like to hire additional employees.