Furtado & Associates
Business
Furtado & Associates has established itself as a key player in the greater Seattle area's infrastructure development, including through its involvement in the expansion of the Link Light Rail system. For decades, the firm has specialized in surveying, construction management, and engineering services, contributing to numerous community improvement projects from Tacoma to Everett and the Cascade Mountains. In 2022, the company underwent a successful ownership transition, to Joshua Cheatham, which has been accompanied by significant growth, expanding its staff from 35 to 58 employees. Under Cheatam’s leadership, the company has placed a strong emphasis on fostering a positive organizational culture and actively diversifying its workforce.
Challenge
In 2022, Cheatham acquired Furtado & Associates, bringing extensive experience in community improvement and ambitious organizational goals. Having invested significantly in the acquisition, he faced working capital challenges due to necessary operational upgrades and a growing payroll. Cheatham said, “What we’re really selling is talent, so our growth hinges on bringing on more diversely skilled people.” He also recognized the need to modernize operations with an updated administrative software platform. Despite efforts to secure a sufficient line of credit, Cheatham encountered resistance from local banks.
With my SBA line of credit, I’ve been able to recruit top talent and empower them to lead. Building a staff that cares about what they do and takes pride in what they offer is a real competitive advantage for us.
— Joshua Cheatham, Owner, Furtado & Associates
Solution
Cheatham turned to KeyBank’s business banking team, where a local SBA specialist focused on his industry experience and history of success. This allowed the bank to build upon Furtado & Associates’ prior financial strength and use growth projections to help secure an approval. “When KeyBank called me to let me know the financing was approved, I literally cried with tears of joy,” Cheatham said. Armed with the benefits of an SBA line of credit, the new owner no longer had to stress every two weeks about making payroll or being reliant on previous ownership for support. Cheatham had gained the ability to operate the business, make strategic investments in its operations, and be ready when true scaling opportunities arose. The approval also meant the new business owner could start building credit critical for future growth.
At its core, the SBA program is about supporting job creation. I’m proud to support companies like Furtado & Associates who exemplify this goal and create valuable employment in our community!
— Carrie Callaway Cardy, KeyBank SBA Specialist
Results
Cheatham reports his KeyBank line of credit was recently extended and significantly increased. Through larger investments made in staff and operational improvements, Furtado & Associates is now better positioned to compete for a portion of a billion-dollar public works contract. “By recruiting top talent and empowering them to lead, I’ve been able to build a staff that cares about what they do and takes pride in what they offer,” says Cheatham. And that kind of energy and enthusiasm proves to be a competitive advantage for his business.
To learn more, contact or visit key.com/sbalocations.
To learn more about Furtado & Associates, visit furtadoassociates.com.