Past Winner Stories
Tri Star Engineering
www.star3.com
"My strength comes from personal motivation to succeed-never to just keep up!"
As a start-up engineering firm, Bedford based Tri Star Engineering Inc. needed money. Securing capital proved difficult for president Priya Wharton, especially finding a loan officer who understood governmental and commercial engineering contracting. Having a location outside of established government-contracting areas and being a woman/minority-owned business also presented barriers to getting funds for the company.
Despite these financing struggles, the company won its first government gig; soon after that, executive vice president Tom Noble Jr. got a call from the Navy. In less than a day, Tri Star went from start-up to contractor. The company has been awarded contracts that otherwise would have gone to larger firms, in part because it is certified as a Small Disadvantaged Business as well as a Woman/Minority Business Enterprise.
As the company won more contracts, it needed a solid credit line to sustain growth. With the SBA's help, Wharton and Noble found a financial advisor who understood their needs. When that advisor left the bank, the Tri Star leaders decided they needed to educate prospective lenders themselves and created an information and training plan for lenders in southern Indiana. Their efforts allowed them to secure the financing they needed to grow from $2.8 million in annual sales in 1998 to $4.2 million in 1999, with continued growth expected.
As a start-up engineering firm, Bedford based Tri Star Engineering Inc. needed money. Securing capital proved difficult for president Priya Wharton, especially finding a loan officer who understood governmental and commercial engineering contracting. Having a location outside of established government-contracting areas and being a woman/minority-owned business also presented barriers to getting funds for the company.
Despite these financing struggles, the company won its first government gig; soon after that, executive vice president Tom Noble Jr. got a call from the Navy. In less than a day, Tri Star went from start-up to contractor. The company has been awarded contracts that otherwise would have gone to larger firms, in part because it is certified as a Small Disadvantaged Business as well as a Woman/Minority Business Enterprise.
As the company won more contracts, it needed a solid credit line to sustain growth. With the SBA's help, Wharton and Noble found a financial advisor who understood their needs. When that advisor left the bank, the Tri Star leaders decided they needed to educate prospective lenders themselves and created an information and training plan for lenders in southern Indiana. Their efforts allowed them to secure the financing they needed to grow from $2.8 million in annual sales in 1998 to $4.2 million in 1999, with continued growth expected.