REJ Electric is a green energy leader in the Bay Area. When CEO Steven Phillips needed working capital to help complete key projects, Opportunity Fund was there with easy-to-get, fast, and affordable small business loans.
Our customers inspire us every day, and we want to regularly share those stories to inspire you, too. REJ Electric is a green energy leader in the Bay Area. When CEO Steven Phillips needed working capital to help complete key projects, Opportunity Fund was there with easy-to-get, fast, and affordable small business loans.
A Successful Transformation
REJ Electric is a successful energy company based in Alameda. After going through some changes in leadership and service sector, the company is doing better than ever. CEO Steven Phillips spearheaded the most ambitious changes for REJ and built his company into a Bay Area green energy leader.
Steven joined REJ in 2007 and led an initiative to target the commercial energy market, which meant moving away from the company’s previous core of residential customers to focus on cities, municipalities, and corporations. Two years later, Steven took over the company and invested in electric vehicle charging stations. By 2016, the company was solely focused on green energy services for commercial customers.
Some of REJ’s clients include the City of Oakland, Alameda County, and John Muir Health. In addition to providing excellent service for their clients, REJ is a community leader. Steven focuses on hiring local people, including many youths looking for job training or others who wish to develop their administrative skills.
REJ Electric needed small business working capital to help provide excellent service to their clients and continue to pay competitive salaries to employees. Steven credits REJ’s success on his staff, so retention is key.
“We were looking to manage our projects, expand our staff, and buy more assets for the business,” Steven said.
A Bright Funding Idea
Steven has been on the cutting edge of his industry since he began at REJ, so his business required a different kind of funding resource. Traditional sources like banks didn’t work out, so Steven turned to Opportunity Fund.
Our business development officer Alex Esquivias closed a $20,000 loan for REJ in December 2016. The working capital helped REJ complete three projects and pay vendors.
“We were able to finish the projects faster with the loan,” he said. “We’d been looking for a partner in this industry. Working with Opportunity Fund relieved a lot of stress for us.”
Steven was so impressed with the speed and ease of our loan process that he applied for a second loan in October 2017 for $50,000. The new wave of working capital is helping support some major projects for REJ. “We’re aiming for a quarter million dollars worth of projects by the end of 2017,” Steven said. “Then start off the new year at 25% above what we did last year. Then continue to grow from there.”
The financial support means a lot to REJ. Steven is also thankful for us standing by him as his company grows in a fledgling industry. “We’re still new to this kind of technology,” he said. “Everyone here knows how important is it to have a company like Opportunity Fund supporting us.”
We’re proud to work with hardworking entrepreneurs like Steven who are making a difference in his community and for the environment.
We hope this story has inspired you, too. At Opportunity Fund, we offer easy-to-get, fast, and affordable small business loans to help small business owners succeed. Visit our home page to find out more.
Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.
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