SUCCESS STORY FOR
Nicholas Hodge and Kevin Ramsey of Advent Electric Inc.
Advent Electric Inc. has served East Tennessee for over 20 years, with projects ranging from single-family homes to heavy industrial facilities. In addition to traditional construction services, Advent has vast experience and expertise in specialty fields, including metering, load testing and analysis, major and minor restoration, and electrical network reliability.
Co-CEOs Nicholas Hodge and Kevin Ramsey purchased Advent Electric in 2019 and were off to a successful transition of ownership when COVID-19 struck. When a controller left the company unexpectedly, they sought the TSBDC’s assistance. Hodge and Ramsey needed help to update their financial position in the absence of their accountant, while creating a more accurate accounting system to report the company’s operating revenue and financial condition.
Advent requested assistance from TSBDC CARES Act consultants to obtain any benefits they qualified for from the SBA, IRS, and banks from any of the COVID-19 relief acts signed into law between March 2020 and March 2021.
TSBDC CARES Act consultants assisted Advent Electric with the following programs:
- First Draw PPP Loan Forgiveness Application receiving forgiveness of $676,900
- Second Draw PPP Loan Application, which was approved in the amount of $840,705
- Will be assisting with Second Draw PPP Loan Forgiveness Application
- EIDL COVID-19 Disaster Loan in the amount of $150,000
- EIDL Advance in the amount of $10,000
- EIDL COVID-19 Disaster Loan increase application in the amount of $350,000 (still pending SBA approval)
- Employee Retention Credit for Quarter 1 of 2021 in the amount of $476,511
The $2,154,116 in funding received thus far has resulted in 90 jobs retained during the pandemic. Advent also was able to refinance up to $1,000,000 in commercial and building debt in early 2021, providing additional funds at lower interest rates and lower payments.
Hodge and Ramsey later shared: “We are very thankful for all the TSBDC did for Advent during the COVID-19 pandemic and continue to do for us. The opportunity to have them in our corner was a blessing, and we are glad to have them on our team.”
Advent has emerged from the pandemic with a significant backlog of profitable contract work. The service side of the business (which was significantly affected by declines in hospitality service contracts) is returning impressively, including a state of Tennessee contract for servicing repair needs in the state’s parks and recreational facilities. Advent also has been awarded replacement lighting contracts from city and other government facilities to provide more efficient lighting options.
Advent has managed its operations through a difficult time, maintained a seasoned workforce, and made great strides in creating positive relations with contractors in the East Tennessee area. Hodge and Ramsey have impressively returned the business to profitability. Advent Electric is a true success story due to the assistance provided by the SBA and the TSBDC.
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