7 of 8
BACKNEXT
In need of expansion capital
In need of expansion capital
Trzepacz, with his kids, Daniel (top), Abby and Ethan.
Tim Trzepacz
Co-founder, Vers Audio
Wayland, Mass.
Launched: March 2007, now trying to expand
Former job: Product developer for Brookstone

My business partner, David Laituri, and I started our environmentally conscious business two years ago. We developed a high-end iPod dock that's made of wood and sustainable materials. We tried a total of 11 banks, but they all turned us down because we didn't have a revenue history. Then we tried a small lending institution, Middlesex Bank of Framingham, just down the street from our office. They gave us a $200,000 asset-backed line to use on inventory.

We expanded nationally and internationally very quickly. We avoided large retailers and concentrated on indie retailers that are focused on green products and that could appreciate our product. In our first year, we hit $1 million in revenue. I think we'll hit $2 million this year, and we'll need more capital so that we can start turning orders around faster and developing new products.

I went back to Bank of America recently. They had turned me down for a loan, but I came to find out that Vers is no longer small enough for their small business lending. I'm not going to pitch to their corporate banking division now - we're really happy with our current bank. Of course, in this lending situation, you never know. Despite our growth, anything can happen. So I'm nervous about that, but I think we're covering our bases by also initiating conversations with interested private investors as well.

NEXT: In need of clients

LAST UPDATE: Mar 12 2009 | 10:51 AM ET
Sponsored by
More Galleries
7 lifehacks to eliminate your holiday hassle Whether curating the perfect gift or finding a pet-sitter, these startups offer time-saving services that might just seem like holiday magic. More
San Francisco: The best city to make things From electric motorcycles to death shrouds, San Francisco's manufacturing sector is booming. More
6 designers shaking up fashion These designers are changing the way we dress, accessorize and shop, from custom made-to-fit dresses to smart jewelry that's actually stylish. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.