When MODPROS Elevator Inc. launched in 2019, founder and CEO Michael Fray drew on more than 30 years of industry experience to build the company through strong client relationships, operational expertise and disciplined growth. As MODPROS added contracts and expanded beyond its home market, that success created new demands on working capital, staffing and equipment.
MODPROS partnered with First American Bank through the SBA Lender Match program to develop a financing strategy aligned with its growth. An initial line of credit provided greater flexibility to manage operating expenses while awaiting payment on accounts receivable, helping the company support new contracts and continue building its workforce.
As the business grew, MODPROS’ financing needs continued to evolve. First American Bank recently completed an SBA 7(a) term loan that consolidated multiple high-interest vehicle loans into one facility and provided funds for future vehicle purchases. The refinance reduced MODPROS’ monthly vehicle debt payments by 19%, freeing up cash flow to reinvest in employees, equipment and continued expansion.
The financing is one part of a broader, forward-looking strategy. First American Bank has also discussed additional financing options with MODPROS, including an asset-based line of credit that could scale with its receivables as revenue grows and an equipment guidance facility designed to streamline future vehicle and equipment purchases.
These proactive solutions are designed to help a growing business plan ahead. With greater financial flexibility, MODPROS can pursue new contracts, expand its fleet and respond to emerging opportunities with confidence.
Equally important is the team behind the financing. Members of the First American Bank team attended the closing in person, reflecting the Bank’s hands-on, relationship-focused approach. Because multiple team members understand MODPROS’ business, history and goals, the company benefits from continuity and dependable support as it grows.
“As MODPROS continues to win new contracts and add employees, we need a banking team that understands our business and can move with us,” said Michael Fray, CEO of MODPROS Elevator Inc. “First American Bank has been committed to our growth from the beginning of our relationship. We value knowing that an entire team understands our goals and is committed to helping us build what’s next.”
For MODPROS, the relationship extends beyond a single transaction. It means having an accessible, knowledgeable banking team prepared to support the company’s next stage of growth.
