Sigma Telecommunications Services
Customer
Corey White’s experience in telecommunications dates back to his time in the Army, where he served as a Systems Master Technician on intelligence systems. Corey continues to put his expertise and master’s degree in engineering and technology management to work in various project management roles. Recently, White and business partner Alvin Johnson saw potential in building new telecommunications towers for the next generation of wireless and related services. As a result, Sigma Telecommunications Services was born. Sigma is a minority and disabled veteran certified business.
Challenge
While the business opportunity was clear, entering wireless infrastructure development requires capital. To launch the business last year, White and Johnson needed a financial institution who understood the company’s potential and who would help them try to secure the necessary financing to put the start-up on the path to success.
“From the very beginning KeyBank went above and beyond to ensure they understood me personally, our business and our needs. It became obvious that the relationship was more than transactional.” – Corey White, principal, Sigma Telecommunications Services
Solution
White connected with KeyBank through a local community development financial institution (CDFI). He was connected with a local team eager to learn more about Sigma’s business model and potential.
Their KeyBank relationship manager, along with his Small Business Administration (SBA) specialist, recommended SBA loans as a solution. They led them through the process, advising on improvements to their business plan, what information to collect for the application process, and how to manage it.
“I really didn’t know where to start,” White said. “They were by my side through the whole thing and kept me informed every step of the way. They could not have been more helpful.”
Working together, they were able to secure an SBA 7(a) loan for start-up related expenses and an SBA Express Line of Credit to help cover ongoing working capital needs. Key’s team even worked to finalize the loan in time to hit a critical CARES Act deadline.
“I wouldn’t have even known about the deadline without Key,” White said. “They didn’t have to work as hard as they did, but I’m hugely grateful they did.”
Results
Sigma has received an SBA loan and SBA line of credit which allowed them to purchase construction equipment materials and hire crews now at work across the country.
The company now has seven full-time employees as well as contractors working on wireless and buried wire services. The business is pursuing other opportunities and White said he expects it to continue to grow quickly.
White remains in contact with his KeyBank advisors, who continue to provide him guidance on how to grow the business.
“We are off to a good start, thanks to Key believing in us,” he said.
To learn more, contact a local KeyBank Relationship Manager or visit key.com/sbalocations.
To learn more about Sigma Telecommunications Services, visit sigmaops.com.