Loan Closing Date – 3-24-17
Funded by ACC – $233,333
Loan Amount – $233,333
Location – Middlesborough, KY
The Ideal Print Shop, Inc. (IPS) is a commercial printing company located in Bell County, Kentucky. IPS offers just about anything printed from one color to process color (brochures, labels, posters, etc.) on paper; screen printing on textiles and signs; stamp imprinting on mugs, ink pens, key chains, balloons, etc.; embroidery and engraving. Earlier this year, IPS approached Kentucky Highlands Investment Corporation (KHIC) for a loan to purchase new digital equipment to replace several pieces of their older equipment that had become outdated. This new equipment purchase will allow the company to turn over sales quicker and reduce printing costs.
The Ideal Print Shop first borrowed from KHIC in 2002. At that time, KHIC loaned IPS $151,000 which allowed the company to relocate the business to a larger leased facility, located behind the Middlesborough Mall. It also allowed the company to purchase new equipment and provided working capital. The initial relocation added two new employees to the company.
In 2012, KHIC provided a second loan of $300,000 to the company for new equipment, working capital and to refinance their outstanding debt to KHIC. Earlier this year, IPS was interested in upgrading its equipment again and financed this purchase with a $233,333 loan from KHIC. KHIC’s enduring relationship with Ideal Print Shop is evidence of their commitment to local businesses that offer jobs to residents and quality products to the community.
A stable growing business like the Ideal Print Shop, “The Friendliest Print Shop in Town,” is an asset to the town of Middlesborough and the surrounding area. Bell County, where the Ideal Print shop operates, has a poverty rate of 38%, about twice that of Kentucky as a whole. The business currently employs 9 people and plans to hire 2 additional workers in the coming year.