Frazier & Frazier Industries, Inc

Located in Coolidge, Texas, Frazier & Frazier Industries, Inc. is an ISO certified gray and ductile foundry established in 1972. As the economy began to collapse, the company was trying to secure funding, but the outlook was bleak. Foundries nationwide had closed as a result of the recession and foreign competition, but Charles Frazier, the company’s President, was determined to keep his doors open. In addition to the close community ties it had established over the past 37 years, the company was a major employer in Coolidge and Limestone County.
The thought of laying off 300 employees was not an acceptable option.

Mr. Frazier contacted Congressman Chet Edwards to discuss the possibilities of securing a government guaranteed loan. During a meeting with Congressman Edwards, he was referred to the Navarro College SBDC in Corsicana, Texas. Robin Lasher, SBDC director, met with Mr. Frazier and recommended the company consider a 504 SBA loan. However, it was later determined that the company should pursue a USDA loan.

To qualify and be approved, the company completed a very thorough and rigorous application based on a point system that included a background check of Mr. Frazier’s personal, military records and prior business experience. Along with his personal guarantee and considerable
personal assets that were required as collateral, he was also required to demonstrate the company’s capability to repay the loan, viability of markets and technical expertise that confirmed both competent leadership and management. Mr. Frazier explained, “It’s not about accumulating a bunch of points. To secure a government guaranteed loan requires a lot of documentation, and you must know everything about your business, especially the financials.” He also stated, “This was no cakewalk, and we appreciate the support and help of the SBDC.”

Frazier & Frazier was successful in securing the USDA loan and saving 300 jobs while also assuring the viability of the small rural community that relies on this company. The estimated economic impact of payroll, supplies and purchases re-circulating in the local economy is projected to reach $150 million a year, impacting several counties.