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<h2>National Rural Lenders Association</h2>
<p>Supporting Rural Development Programs Nationwide</p>
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<h3>10th Annual Meeting in Washington, D.C.</h3>
<p><b>October 28-29, 2024</b> <br></p>
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<h3>GASTON TREE DEBRIS RECYCLING LLC REACHES NEW HEIGHTS WITH SUPPORT AND USDA-BACKED LOAN FROM BAYFIRST NATIONAL BANK</h3>
<p><b>Tampa, Fla. —</b> Gaston Tree Debris Recycling, LLC (GTDR), a family-owned and operated company located in Gainesville, Fla. with more than $30 million annual revenues, has proudly served North and Central Florida since 1972. In addition to providing the vital service of debris removal, it recycles millions of tons of vegetative debris each year, ensuring waste is available for purchase as wood chips, mulch, etc., or for resale as bio-mass fuel, a renewable energy source. GTDR has also assisted in natural disaster recovery for more than 20 years following major hurricanes, tornadoes, and ice storms in fourteen states.</p>
<p>In early 2023, GTDR was experiencing cash flow concerns due to a doubling of diesel fuel cost. In need of a solution to address its decreased gross margins and the resulting impact on cash flow, GTDR turned to the lending experts at BayFirst National Bank, a small community bank based in St. Petersburg, Fla., a top SBA and USDA lender in the Country.</p>
<p>BayFirst skillfully put together a comprehensive debt re-finance package with a USDA Business & Industry-guaranteed loan for $19.8 million that reduced annual debt payments and significantly improved the Company’s monthly cash flow. Though GTDR was approved for the loan, its funding was delayed due to limited appropriations for the remainder of the USDA’s fiscal year.</p>
<p>Resolute in its commitment to getting this long-standing, sustainable family business the funding it needed to continue its good work both locally and nationally, BayFirst asked for and received assistance from 3rd District Congresswoman Kat Cammack to expedite funding of the loan guarantee once USDA Rural Development was able to secure additional funding for the Business & Industry Guaranteed Loan Program in the fourth quarter of the Government’s 2023 fiscal year.</p>
<p>The increased cash flow was used to hire additional workers and purchase equipment needed for clean-up efforts in six rural counties in Northwest and North Central Florida damaged by Hurricane Idalia in the fall of 2023. Balance sheet management improved, and positive net cash flow protected 150 existing jobs paying wages well over twice the federal minimum wage through several rural Florida communities. Next, GTDR will expand into two new processing facilities in Dover and Jonesville, Fla. (two unincorporated rural areas) resulting in an increase in 20 additional permanent employees.</p>
<p>“At BayFirst National Bank, we pride ourselves on our commitment to excellence and our proven ability to support the American Dream for small business owners in rural America,” said BayFirst VP, USDA Rural Development Lending Officer Charles Conoley. “We are proud to have played a role in the success story of this deserving, family-owned business so that it can continue to faithfully serve other local businesses, municipalities, county, state and federal government agencies and more, now and in times of emergency.”</p>
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<h3>Past Member Highlights</h3>
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