Galley Support Innovations (GSI)
December 30th, 2013 by Gwen Green
Galley Support Innovations is a family-owned business based in Sherwood, Ark., that has been in operation for over 50 years. The principals of the company are Gina and Wade Radke.
GSI provides interior hardware to the aviation industry, and clients include Boeing, Gulfstream, Dassault Falcon, Delta, American Airlines, Hawker Beechcraft, and Sikorsky.
The company was experiencing significant growth in April 2012 and needed more space. Since they were leasing, the Radkes couldn’t expand their facility and looked for one to buy. When unable to find another suitable facility to purchase, they decided to try to purchase the space they were leasing.
Gina Radke had previously worked for Arkansas Capital Corporation Group, so she contacted Itzel Meador of ACCG. Meador referred her to the Arkansas Small Business and Technology Development Center for help with a loan proposal to purchase the building.
ASBTDC business consultants Rudy Ortiz and Nancy Knighten began working with the couple. While going over the Radkes’ financials, Rudy noted the recordkeeping system in place did not accurately reflect the true financial condition of the company. Ortiz and Knighten assisted the Radkes with their business plan and also consulted with GSI’s accounting firm about rectifying the problems with the financials.
By early 2013, the business and revenues were expanding rapidly, but the Radkes were unable to secure a loan for their facility expansion due to continuing issues with their financial statements. They acquired the services of another accounting firm and hired an internal accountant to handle the day-to-day bookkeeping of the company. Soon, the accurate financials indicated a thriving company and the loan process began to move forward.
The ASBTDC helped the Radkes with contacting banks about funding part of the SBA 504 loan, and Centennial Bank was chosen to work with Arkansas Capital.
“ASBTDC was vital not only in helping us secure the loan but in training us in proper manufacturing financial record keeping,” said Gina Radke.
The Radkes loan was approved in September 2013, allowing them to purchase and expand their building. The company celebrated with a ground breaking ceremony (pictured above) on Oct. 11.