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The information provided by these calculators is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a BLP financial professional prior to relying on the results.

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Spee-Dee Owners

Spee-Dee Packaging

About Spee-Dee Packaging

Spee-Dee Packaging Machinery, Inc., a family-owned business, continues to access quality, local, financial and technical resources to assist the company with its over 30 years of growth.

  • 1981

    Navins purchase Spee-Dee Packaging

  • 2009

    Navins purchase a building outright using an SBA 504 loan with BLPs assistance

  • 2017

    Spee-Dee uses funds from the Racine Matching Grant Program (MGP) to optimize mobile app and increase sales

  • 2018

    Spee-Dee utilizes MGP to help pay for participation in the CEO Roundtable and Living As A Leader programs

Spee-Dee Packaging, with 70 employees, specializes in the design and manufacture of packaging machines including cup fillers, bakery depositors, and servo conversion kits. Spee-Dee Packaging’s machines are used by clients such as  General Mills, Pillsbury, Hershey and Frito-lay to package dry food products from cereals, snacks, and dry ingredients.

Spee Dee Packaging David Navin
Spee Dee Packaging Employee

James Navin and his wife Sylvia purchased the Spee-Dee Packaging in 1981, continuing to develop new products and grow their customer base for 37 years. Recently, David Navin, James and Sylvia’s oldest son, became President and works closely with his brothers Paul and Mark in managing the successful business. Through innovative product development and optimization of available resources, Spee-Dee Packaging has built a reputation of efficiency and productivity to better serve its customers.

SBA 504 Program

As Spee-Dee grew, the Navin’s manufacturing foot print changed, starting out in a smaller leased facility, adding a second building, and then consolidating into a larger space at 1360 Grandview Park in the Village of Yorkville (formerly ‘Town’).

Spee Dee packaging Sign
Spee Dee Packaging Facility

In 2009, James and Sylvia reached out to Business Lending Partners (BLP) to help purchase the building outright. Due to historic profitability, strong cash flow, experienced management, potential for job creation, and a 3-year lease planned for another tenant, the couple was approved for an SBA 504 Loan, in partnership with U.S. Bank.

"The SBA 504 loan really helped us expand in a time when the market was not in a favorable condition. With the low equity requirement and low, long term fixed-rate, we were able to expand operations and even offer new products to new customers."

David Navin

President, Spee-Dee Packaging Machinery

This is a popular program for real estate transactions that works in partnership with the company’s financial institution to create a beneficial financing option to growing businesses. The program is popular for two primary reasons:

  • Reserve Cash

    Businesses can secure 90% financing for real estate transactions so they can reserve their own cash to support business growth

  • Low Fixed Rate

    The SBA 504 portion of the financing is at fixed rates typically below market (currently 4%) for up to 25 years

At a long-term, fixed low rate, the SBA 504 loan covered 40% of the project, while U.S. Bank provided 50% with a 10% equity injection coming from the Navins.

50%
BANK
40%
SBA 504
10%
EQUITY

Among many criteria considered before administering an SBA 504 Loan is the need to address the Racine County Economic Development Plan (EDP). The project not only focused on the importance of technology and innovation, but the organization also provided above average County wages, and the project anticipated 12 jobs to be created. While not required, these attributes contributed during the loan approval process.

With the SBA 504 Loan approved and funding provided, Spee-Dee Packaging was able to purchase the building and continues to fulfill the loan at a fixed low rate.

Matching Grant Program (MGP), The CEO Roundtable and Living As A Leader

Spee-Dee Packaging continues to grow and take advantage of local resources that support growth of its business, including the Racine County Matching Grant Program and participation in the CEO Roundtable and Living As A Leader programs.

Using the Racine County Matching Grant in 2017, which provides up to $5,000 to qualifying manufacturers, women, minority and veteran owned firms in Racine County, Spee-Dee improved the functionality of their mobile app and accessed needed training for their staff.

Spee Dee Packaging Navin Brothers
Spee Dee Packaging Employee

To support employee development, one of Spee-Dee Packaging’s managers participated in a yearlong leadership development series facilitated by Living As A Leader and co-sponsored by RCEDC. The program focuses on helping managers become better leaders of people which contributes to better company culture and employee retention.

David Navin, in his role as President, continues to be an important participant in the Racine County CEO Roundtable.

"The CEO Roundtable has been extremely beneficial from a strategic standpoint. Whether it's through email chain or a meeting, we're able to identify problems and solutions that other leaders have encountered and learn from shared experiences."

David Navin

President, Spee-Dee Packaging Machinery

Participation in the CEO Roundtable and Living As A Leader qualified for funding under the Matching Grant. Spee-Dee Packaging plans to utilize even more financial resources for upcoming expansion efforts.

Contact Us with your business financing needs

Carolyn Engel
Carolyn Engel
Business Finance Manager
Carolyn has been with BLP for over 20 years. Carolyn oversees business operations, various loan programs, screening applicants for eligibility and loan processing.
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