Angelia Raynor, owner of Five Boys Trucking, and her husband, the company’s operations director. Photo by Rick Hovis.
Woman-Owned Trucking Company in North Carolina Uses CDFI Loan to Expand Capacity and Fulfill New Contract
Client: Angelia Raynor, owner of Five Boys Trucking
Client Location: Pineville, NC
CDFI: Institute Capital
CDFI Service Area: NC
Financing, with support from the Finance Justice Fund
Angelia Raynor is the owner of Five Boys Trucking. When she needed funding to purchase an additional dump truck to expand her company and fulfill a new contract, she tried to secure mainstream financing but was unsuccessful.
After hearing about Institute Capital, a community development financial institution (CDFI) based in North Carolina, from another client in the region, she turned to them for funding. She ultimately received a loan from the CDFI, enabling the business to retain the jobs of six drivers she employs.
Left picture: Angelia Raynor, owner of Five Boys Trucking, and her husband, Terrance, the company’s operations director. Photo by Rick Hovis.
Institute Capital’s senior credit officer worked extensively with her to get her ready to receive capital. They ensured her projections were in line with the industry and that the loan was affordable for her.
How would Angelia sum up her experience and loan approval from Institute Capital in one word? She says, “Wonderful!”
As an African American female working in the male-dominated trucking and hauling industry, Angelia has achieved success both in making a positive impact for her own family but also for the families of her six employees.
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