REDI News & Brews Showcases Basalite Expansion, and Business Lending Strategies

Redmond’s neighbors and business leaders gathered at General Duffy’s Annex in October to network and hear the latest news from REDI and learn insider tips on business financing from local lenders in the traditional lending arena as well as some nontraditional lending organizations.

Updates on Redmond’s Economic Outlook

REDI Director, Steve Curley provided updates on multiple development projects fostering growth in Redmond. Highlights included Nosler's 78,000 square foot expansion, Wild Mike's Pizza's groundbreaking plans, and Western Bus Sales’ new service facility. Additionally, BASX completed a 36,000 square foot weld shop expansion featuring state-of-the-art equipment. These projects, alongside 400-500 new housing units, and infrastructure improvements like the Eastside arterial project, are pivotal in accommodating anticipated economic and population growth

Strategic Business Expansion in Redmond

One of Redmond’s notable projects is the expansion of Basalite Concrete Products, a local building supplier and manufacturer of masonry units, pavers, retaining walls, and outdoor fireplaces & fire pits. Operations manager, Alistair Schwarzenberger, and Sales representatives Vinny Ceccarelli and Will Fisher from Basalite, detailed an expansive business venture moving to Redmond. This expansion involves a 60,000-70,000 square foot facility on 14 acres, including a 9,000 square foot facility showcasing products for contractors and homeowners. The move from Washington to Redmond was driven by favorable market conditions and the strategic central location in Oregon. The site will utilize locally sourced raw materials, aside from specific international supplies, and aims to ramp up employment, adding up to 75 new jobs.

Insights from Industry Experts on Financial Strategies

Businesses got an insider view from a panel of lending experts. The discussion, moderated by Gary O’Connell of Summit Bank, explored the complexities of the current interest rate cycle and its impact on businesses. The panel featured Ashley Horner from Summit Bank, Ali Paman-Dupier from Craft3, and Patrick Germick from COIC, who provided diverse perspectives on lending models and economic climates.

Germick shed light on COIC’s role as a non-traditional lender, emphasizing their flexibility and partnerships with traditional banks to support businesses otherwise unable to secure loans. Key topics included credit stress factors, such as sales and supply chain concentration, factors that play into the lending landscape including prime rate changes, and the Federal Reserve’s decisions on lending rates. Panelists also responded to predictions of rate increases and declines influenced by the bond market and inflation costs. Panelists underscored two key pieces of valuable advice for businesses: early engagement with lenders and financial preparedness. Ashley Horner emphasized the importance of early engagement with bankers and transparent communication to secure confidence and funding. The panelists advised businesses to maintain financial transparency, readiness for stress testing, and a strong understanding of their financial metrics to improve their chances of securing loans and navigating economic fluctuations successfully.

REDI events like News & Brews help you stay informed of what is happening with Redmond’s local business, economic growth and prosperity. Staying in touch with our community matters. That is why we believe Redmond is a great place to call home, stay informed and visit us often at rediinfo.com and follow us on LinkedIn.

Watch the event on REDI’s YouTube channel.