Finding access to capital
“The biggest challenge is that with growth comes the need for capital,” says MobilityWorks Founder and CEO Bill Koeblitz.
The 2009 economic recession forced banks to reassess the risk ratios and requirements they looked for when lending to clients. Although MobilityWorks had met all of its loan covenants, its bank suddenly decided it didn’t like the company’s ratios anymore.
“It was a hard time to go out and look for other banks, but we were able to find Huntington,” Koeblitz says. “We believe in banking with people, and our representatives at Huntington focused on us as a relationship, not just an account.”
Besides structuring a financing package more conducive to MobilityWorks’ business needs, Huntington is working with The MobilityWorks Foundation to sponsor local fundraising events to support the company’s mission.
“We’ve been able to grow very effectively with Huntington because they understand what we’re trying to accomplish and they communicate with us openly, so there aren’t any surprises,” Koeblitz says. “Huntington has been phenomenal.”