Sure Cut Shears

SureCut Shears, Inc. is a manufacturer of household scissors and industrial shears located in Savannah, Georgia. Their products are sold through wholesalers to specialty and high end hardware and department stores as well as to large discount and variety chains. SureCut has been a highly profitable company boasting a solid track record of profitability since 1958. A company in this position is actively pursued by bankers who want to lend money to and vie for their bank deposit relationship. Hudson National bank prospected SureCut for many years and successfully won their business. SureCut’s lending needs were typically of a short term working capital line of credit used to increase inventory production. The company uses their line of credit to fund its peak seasonal sales which occur during the months of July through December for “back to school”, seasonal yard work, and holiday sales. They have always maintained sizable deposit balances and showed promise for continued growth.

In 1995, Hudson Bank extended a credit facility in the form of a $3.5 million line