Growing Business Success in Arkansas

by Herb on February 4, 2013

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Small Business Growth in Newport, ArkansasArkansas small business success

One of the most rewarding part of our work at the ASU Small Business and Technology Development Center comes when we get to share successes of our area small business friends. One recent success story is from Sheridan and Jon Chadwell, the proud new owners of Purdy’s Flowers & Gifts in Newport, Arkansas. Thanks to our Lead Consultant, Laura Miller, Sheridan and Jon were able to put together a package for funding and celebrated a grand opening!

"Herb Lawrence, ASU Small Business" ASU Small Business and Technology Development Centerby Herb Lawrence, Arkansas State University Small Business and Technology Development Center, Helping Entrepreneurs Realize their Dreams from the Delta to the Ozarks!

How the ASU SBTDC Helps Entrepreneurs

There are a thousand stories around Northeast and North-Central Arkansas of people who dream of owning their own business. They take the “leap” to becoming a small business owner for many reasons and in many different ways. Sometimes taking that “leap” requires some help. That is where the ASU Small Business and Technology Development Center staff come into the story. Our professional consultants provide free and confidential assistance to entrepreneurs who want to become business owners, whether starting their own or purchasing an existing business. Here’s the story of Jon and Sheridan Chadwell of Newport, Arkansas and how our lead consultant, Laura Miller, helped them get from idea to “cutting the ribbon!”

Small Business Success Story in Newport, Arkansas

Sheridan Chadwell of Newport knew she was ready for a change in her life after a number of years in marketing with area commercial banks. In 2012 the opportunity for change came when the long-time owners of Purdy’s Flowers & Gifts in Newport decided to retire and put their retail business up for sale.

In April 2012 Sheridan contacted Laura Miller, Lead Consultant at the ASU SBTDC for assistance to evaluate the business potential and to help with a funding request.Laura Miller Lead Consultant ASU SBTDC

Over a period of six months Chadwell and Miller evaluated existing financials, conducted market research to determine potential, and developed a loan proposal with a U.S. Small Business Administration 7(a) Guaranty. Miller also informed Sheridan about the Federal Home Loan Bank of Dallas EDP Plus grant program, which she applied for and received.

Between Chadwell’s equity investment with matching funds from the FHLB grant program, an SBA guaranteed loan from an area lender, and a further secondary loan from the Jackson County Community & Economic Development Fund the acquisition was completed in September 2012.

Under Chadwell, Purdy’s Flowers and Gifts continues a strong tradition of service to the Jackson County area with 3 full-time and 8 part-time employees.Sheridan Chadwell of Newport knew she was ready for a change in her life after a number of years in marketing with area commercial banks. In 2012 the opportunity for change came when the long-time owners of Purdy’s Flowers & Gifts in Newport decided to retire and put their retail business up for sale.

Arkansas small businessIn April 2012 Sheridan contacted Laura Miller, Lead Consultant at the ASU SBTDC for assistance to evaluate the business potential and to help with a funding request.

Over a period of six months Chadwell and Miller evaluated existing financials, conducted market research to determine potential, and developed a loan proposal with a U.S. Small Business Administration 7(a) Guaranty. Miller also informed Sheridan about the Federal Home Loan Bank of Dallas EDP Plus grant program, which she applied for and received.

Between Chadwell’s equity investment with matching funds from the FHLB grant program, an SBA guaranteed loan from an area lender, and a further secondary loan from the Newport Economic Development Commission’s Community & Economic Development Fund the acquisition was completed in September 2012.

Under Chadwell, Purdy’s Flowers and Gifts continues a strong tradition of service to the Jackson County area with 3 full-time and 8 part-time employees.

Are you dreaming of owning your own business?

Not sure where to start or where to find help to make the decision? Then contact our business consultants at the ASU Small Business and Technology Development Center! Laura Miller and Robert Bahn have years of experience helping entrepreneurs like you start and growth their dreams! Contact Laura or Robert at (870) 972-3517, email them at asusbtdc@astate.edu or go online to our website and see how we help small businesses from the Delta to the Ozarks. Read more at ASU SBTDC Grows Business Success.

Looking for funding to launch that business?

Then make plans to attend our upcoming training seminar Business Financing Options for Small Businesses on Tuesday, February 13th at the ASU Delta Center for Economic Development on campus from 6-8:30 pm and learn how to find the funding you need to start or expand your business!


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