Senator Mark Warner joined Ronald E. Bew, Richmond District Director with the United States Small Business Administration Monday in Roanoke to congratulate Al Carpenter on the purchase of Francisco & Bush, a local CPA firm, which employs seven people. Business capital backing from the Small Business Administration and the programs at StellarOne Bank were combined to provide funding to purchase the company, preserving those seven jobs. The new firm is named Carpenter, Francisco & Associates.
“With the current economic environment, I felt that purchasing a small business, where I am responsible for my own destiny, was a very attractive option. The lending process started with Karen and I literally sketching the purchase-financing plan out on scratch paper. Afterward, the team at StellarOne, which also included Gretchen Weinnig, was instrumental in developing the entire loan package, and submitting it to the SBA in a timely fashion. The loan went through the SBA approval process the very first time, a testimony to the thorough job the StellarOne team did,” said Carpenter.
“As the economy continues to offer challenges for small businesses across the Commonwealth of Virginia, we see opportunity to help small businesses meet their borrowing needs by partnering with the U.S. Small Business Administration to take advantage of strong support programs,” said Karen Turner, Senior Vice President and Corporate Banking Manager for StellarOne, located in Roanoke.
