Success Story for:
Kristie Cavin of Roadway Solutions LLC
Roadway Solutions LLC is a 100% woman-owned small business that sells, installs, recycles, repairs and removes highway guardrails. After working in a related industry for eight years, Kristie Cavin identified the need for these services. In 2015, she established the Knoxville-based Roadway Solutions. The company has contracts with the City of Knoxville and Roane County and is a subcontractor on various Tennessee Department of Transportation projects.
Kristie first sought assistance from the Tennessee Small Business Development Center at Pellissippi State Community College, when she attended a Where’s the Money for Woman-Owned Small, Disadvantaged Businesses workshop in March 2017.
Just two months later, Roadway Solutions was certified by TDOT as a Disadvantaged Business Entity. The DBE certification brought contracts from multiple counties, but that growth meant increased demands for cash. The company found itself in a cash-poor position, unable to meet payroll and buy materials before accepting additional work.
Kristie sought a loan from her financial institution and was denied access — which threatened to stall her company’s growth.
TSBDC staff began collaborating with Kristie to identify financial institutions that could supply the necessary capital and remain a partner with Kristie as Roadway Solutions grew. TSBDC staff helped her develop three-year financial projections, along with a subsequent loan proposal that would fulfill the immediate needs of the business.
In the process, they determined that a line of credit would serve Roadway Solutions’ purposes better than a term loan. A term loan would be difficult to manage, because the needs of the business increase and decrease with changes in DOT regulations and accidents. In July 2017, Kristie secured a line of credit from Pinnacle Financial Partners, which enabled the company to retain seven employees and fulfill all contracts.
Roadway Solutions continues to grow rapidly, and in 2018 they will be seeking funding for new installation equipment to keep up with the growth.
Kristie has engaged other services offered by the TSBDC at PSCC. She attended a Government Contracting workshop and participated in a Get Your Business Online workshop. TSBDC staff continue to provide management consulting on accounting, bookkeeping and financial concerns to promote Roadway Solutions’ small business success.