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Case Jed

In: Business and Management

Submitted By Gr071090
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CASEJED

Jones Electrical Distribution
After several years of rapid growth, in the spring of 2007 Jonl's Electrical Distribution tlnticipatl'd a furthl'l' substantial increilse in sales. Despite good profits, the company had experk'ncl'd il shortagl' of cash and had found il neccssnry to incre,lse its borrowing from Metropolitan Bnnk-a local onc­ branch b,mk-to $250,000 in 2006. The maximum loan that Metropolitan would makl' to any onc borrower was $250,000, and Jones had been able to stay within thc Iimit only by relying very heavily on trade credit from the manufacturers from whom Jones purchased the ek'Ctrìcal products it sold to its customers. Nelson Jones, sole owncr and president of the company, was thcrcfore looking clsewhere for a new banking relationship that would allow him to negotiate a larger loan. Jim lyons, a homebuilder who was a friend of Jones, introduced Jones to Rachel MontroSl', lyons's relationship offìccr at thc Inca I branch of Southern Bank & Trust-,l largc, rcginnal bank. Southern had a 7-year relatinnship with lyons, including a currcnt Imll1 ba/ance of over $3 million. Jones and Montrosc tentativcly discusscd thc possibility that SOllthl'rn might extend aline of credit to Jones up to a maximum amount of $350,000. Jones thought that a loan of this size would more than mect his needs for at least the next year, and hl' was eager for thc f1exibility that a fine of credit of this size would provide. After discussion, Montrasc had arranged for the credit department of SOllthern Bank & Trust to investigate Nclson Jones and his company.

Background of Jones Electrical Dislribution
Jones E1ectrical Distribution was founded in 1999 as a partnership betwecn Nclson Jones and his college roommate, Dave Verden. [n 2003, Jones and Verdt'n had a

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