Commercial Loan Program
Partner lender: Northfield Savings Bank
It all started as a sharpening business in the late 1970s. Then it dabbled with a few production orders of costly saw blades. Over time, the manufacturing volume increased and the price decreased, making Super Thin Saws more accessible. With growth came needs — more staff, which turned to more space. That’s when the company entered its home base that has lasted until today, in Waterbury.
Now Super Thin Saws owns those two building units it occupies. Just weeks after the tragic flooding ripped through Lamoille County and around Vermont, John Schultz and Dave Strom — two-thirds of the company’s owners, along with Rob Bisbee — reflected on their own experience with high water.
“We were not in a flood zone, we did not have flood insurance,” Strom said of the Tropical Storm Irene era.
When the building experienced major flooding, it was the $100,000 received through VEDA’s Hurricane Irene Assistance Loan Program in 2011 that made continuing on possible. The money went towards water mitigation and machinery. Given the heavily electronic base of Super Thin Saws’ production, the shafts, bearings, bolts, screws and computers needed fixing.
This time around, it was close — watching the water levels rise brought back that familiar feeling of anxiety, as roads washed out and towns shut down. But, thankfully, the offices were fine. Upon paying off the Irene loan, Super Thin Saws and VEDA didn’t meet back up, until the owner of the buildings it occupies decided to sell.
“We had to make a decision, you know — what are we going to do? We’ve been here for 25 years. Are we going to let what’s going to happen happen? Somebody’s going to buy it, they’re going to raise our rent or someone is going to buy it and say, ‘Get the hell out’,” Strom said.
Working with Northfield Savings Bank to figure all this out, the bank suggested speaking with VEDA. The acquisition of the building space was an easy process for Super Thin Saws; the worrying piles of paperwork were filled out and the behind-the-scenes magic all fell into place.
One of the two buildings is becoming strictly a production space, with offices in the second building — and room to grow included in both. A small rental property for another business means revenue is coming in, too. If not for VEDA, growth wouldn’t have been on the table, instead downsizing might have been the conversation had.
“It’s hard to be certain how that would have played out,” Strom said. But with an excellent 25-person workforce, the independence of being its own landlord and the support of VEDA, that’s not something Super Thin Saws needs to spend time thinking about.
