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Investing In A Dream
Providence Journal, 2004
After nearly 20 years as a banking executive,
including several as a commercial loan officer for the former
Fleet Bank, Curtis Alves found a 36-year-old business to buy
that would let him realize his longtime dream of running his
own company. Maral Sales & Paper Co., in Cranston, RI
one of his Fleet clients, was for sale for $2 million in early
2003.
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| He was able to obtain some financing
from bank loans and some investors, but needed $75,000 in subordinate
debt, which came from the MIDC. Alves, a 43-year old African
American, said that despite uncertain financial times, he has
been able to maintain a 15-person payroll at Maral, which supplies
paper products, plastic goods and cleaning supplies for commercial
and industrial use. He has also been able to cut expenses and
expand some sales, he said. Maral has introduced new product
lines and has begun branching out, selling to larger institutions
such as hospitals, schools and upscale restaurants. He said
he has no regrets leaving a secure career for the entrepreneurial
life. "This is something that I always wanted to do, and
if you don't take the risk you never get a chance to get the
reward." |
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