MT. VERNON, Ill. – Tom Miller is a man who doesn’t like sitting and waiting for things to happen. In his search for a solution to maintaining his cash flow during the state’s financial crisis, Miller turned to the Illinois Small Business Development Center, located in Mt. Vernon at the Rend Lake College MarketPlace.
Miller’s DKM Pharmacy, Inc., a Medicap franchised pharmacy at 1200 West Main Street in Marion, has provided a valuable service to the fast-growing area for nearly a decade. With the economic downturn of the past two years, DKM - like many other companies that depend on government reimbursement for services - had been receiving their payments as much as 150 days after billing.
He first met with ISBDC Director Curt Mowrer and Assistant Director Nick LeMay in November of 2008. They determined it was time to consolidate debt in an attempt to remedy the situation caused by the state’s late payments. A business plan was developed, and with the help of the RLC SBDC, Miller found a banker who understands the pharmacy business.
Jo Cummins of Community First Bank of the Heartland in Mt. Vernon worked with the SBDC and U.S. Small Business Administration to obtain funding through the 7a Program. Now, DKM Pharmacy’s monthly cash flow has increased by several thousand dollars. It is with this assistance that DKM, along with hundreds of other businesses in Southern Illinois, continue to grow and serve their clientele.
“I owe a huge debt of gratitude to Curt Mowrer and Nick LeMay of the SBDC at Rend Lake College,” Miller said. “After trying unsuccessfully on my own to obtain refinancing for the pharmacy, I turned to Curt and Nick, who led me step by step through the horrid maze of banking.”
Miller explained that they worked with his accountant to successfully sign the papers with Community First Bank of the Heartland.
“One must remember that this was accomplished in the middle of a recession,” Miller added. “I recommend Curt Mowrer, along with McLeansboro CPA Alan Monroe and Jo David Cummins to anyone who needs help with the financial management of their business.”
The Small Business Development Center at the RLC MarketPlace in Mt. Vernon was established to help entrepreneurs start new businesses, expand their existing business or improve it. The SBDC offers cost-free, one-on-one, confidential counseling for all phases of business activities.
“If you own a business, or if you’re in the planning stages, we invite you to meet with
an U.S. Small Business Administration Certified Business Specialist,” Lemay said. “Just give us a call.”
To schedule a free appointment, call (618) 242-5813 or (618) 437-5321, Ext. 2001.