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.
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1981
Navins purchase Spee-Dee Packaging
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2009
Navins purchase a building outright using an SBA 504 loan with BLPs assistance
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2017
Spee-Dee uses funds from the Racine Matching Grant Program (MGP) to optimize mobile app and increase sales
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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.
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’).
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.
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:
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.
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.
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.
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.
