Luck E Strike receives federal loan guarantee
This week, a Cassville firm that manufactures fishing lures landed a large federally-backed loan that will allow the company to add jobs and restructure its debt.
Luck E Strike Corporation is the beneficiary of a $2.3 million loan guarantee issued through the U.S. Department of Agriculture. Approval of the loan was announced Friday by Congressman Roy Blunt.
"Access to credit is the lifeblood of every successful small business, helping it create new jobs in our community and expand its customer base beyond our state and around the world," said Blunt.
According to John Hendricks, Luck E Strike owner, the loan will assist his business with critical debt restructuring and also help improve case flow.
"It's good to know the federal government is standing behind the health and expansion of small business," said Hendricks. "This loan guarantee will allow the creation of 10 new jobs and will save the 50 existing jobs at Luck E Strike. Our business continues to grow thanks to demand from Bass Pro Shops and Wal-Mart."
Luck E Strike, which has been in business in Cassville since 1985, manufactures and markets fishing lures and tackle in the United States and abroad.
"This loan guarantee represents an investment in the future of Barry County and the rest of southwest Missouri, and I don't have any doubt it's an investment that will continue paying dividends for years to come," added Blunt.
Freedom Bank of Southern Missouri is Luck E Strike's primary lender.