Jernigan Farms, a third generation business in Mount Olive NC, grows row crops and raises cattle, turkeys and swine. Doug Jernigan and family are known for their leading edge environmental practices. Jernigan worked with Clean Blue Energy of Winston-Salem NC to install and operate an innovative system that converts animal waste into distillates and electricity. This project is an environmental win-win-win and a lucrative business proposition.
The Jernigans were having difficulty finding financing for this non-traditional project. Scale Finance CFO & Partner Rendell Richards revised the business case, developed a detailed financial model, and worked with Greensboro NC based Bob Sands of CBC National Bank on loan approval. CBC, based in Fernandina Beach FL, has the highly specialized industry knowledge and vision to approve and close loans of this type. CBC National Bank is part of holding company Coastal Banking Company, Inc. based in Beaufort, SC.
The first phase $4.8M SBA loan closed in recent weeks. Later in 2016 a $4.2M USDA REAP loan is scheduled to close as well.
About Coastal Banking Company, Inc.
Coastal Banking Company Inc., headquartered in Beaufort, S.C., is the $464.7 million-asset bank holding company of CBC National Bank, headquartered in Fernandina Beach, Fla., which provides a full range of consumer and business banking services through full-service banking offices in Beaufort and Port Royal, S.C., Fernandina Beach, Ocala and The Villages, Fla. The company’s residential mortgage banking division, headquartered in Atlanta, includes traditional retail and wholesale lending, as well as a National Retail Group that has lending offices in Arizona, Florida, Georgia, Maryland, Michigan, North Carolina, Indiana, Illinois and Ohio. The company’s government guaranteed lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. The company’s common stock is publicly traded on the OTCQX Markets under the symbol CBCO. The company was been named to the OTCQX® Best 50 in both 2015 and 2016, an annual ranking of the top 50 U.S. and international companies traded on the OTCQX Best Market, based on the combined one-year total return on market value and average growth in daily dollar trading volume.
About Scale Finance
Scale Finance LLC (www.scalefinance.com) provides contract CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, business valuations, and other financial management, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. Scale Finance has multiple offices in the Carolinas including Charlotte, Raleigh/Durham, Greensboro, and Wilmington with a team of more than 45 professionals serving more than 120 companies throughout the region.