2019 Small Business QLICI of the Year Award Recipient
CDE: Stonehenge Capital
Developer: Innovative Bedding Concepts LLC
Owner: Innovative Bedding Concepts LLC
Location: Salt Lake City
InBedCo is a mattress manufacturer that sells its products to local retailers at wholesale prices. The company was looking to expand into e-commerce to compete with other large industry names, but InBedCo was still in its initial growth stage with a short history of profitability, which made it difficult to obtain conventional financing.
To dive into a new market, the company needed significant launch costs and looked at unknown startup risks with an unestablished customer base. NMTC financing made the expansion possible for a small company located in a highly distressed area. The CDE for this development is Stonehenge Capital.
The funding allows InBedCo to launch an online platform to compete with other large online mattress retailers and will help with the development of their new mattress product, which can be compressed into a box and shipped across the country. InBedCo had nine full-time employees before financing closed and now plans to add 12 employees to handle the anticipated increase in demand that its new product line will create.
This is a development with a “solid mission and community impact,” said Tracey Gunn Lowell, a QLICI Awards judge and vice president of U.S. Bancorp Community Development Corporation
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