Kurgo: Creating a Retail Category
The role of a family pet has changed in recent years. Greet...
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More than 63 years ago, William Sevinor, opened the doors to Salem Plumbing Supply in Salem. In 1971, his son Ralph came on board. Within two years of joining the family business, Ralph put his own stamp on it, changing it from a solely supply-based operation by opening the company’s retail showroom a few doors down. “I made the move because we saw a lot of new decorative products available and there were only a few showrooms in New England at the time, so we thought it was good direction in which to expand.” The growth caused both a name change—to Salem Plumbing Supply—Designer Bath—and, in 1985, a move to larger quarters in Beverly.
In 2001, Salem Plumbing Supply—Designer Bath saw another generational shift, with Ralph’s son, Jason Sevinor, joining the business. And another Sevinor brought with him a new direction. From 1997 through 2001, Jason had been working for a competitor in Rockville,Maryland. That operation was very contractor-oriented, so Jason developed strong ties in the plumbing and heating field, which has served the company well. In fact, Jason’s influence was strong enough to move Salem Plumbing Supply— Designer Bath to open a 10,000-square-foot contractor supply store in Gloucester in 2007. Ralph is quick to point out that the direction of the business is more of an “evolution than a radical change. The success that Jason has had couples well with the relationships we’ve had going back to my dad’s tenure.” Moving into an existing facility required a fairly high level of build out and the company needed a bit of help with financing for the four-month project. After a long-term relationship with another bank, the Sevinors’ decided it was time for a change. “In these days of banking consolidation, we found we’d become more of a number and that our relationship was becoming harder to maintain. We found what we were looking for in Paul Passeri, a Senior Vice President at Salem Five,” he says.“He’d been calling on us for many years, and eventually we signed on for a vehicle term loan and a line of credit. He’s stayed in contact with us and has remained an integral part of our banking.”
As Salem Plumbing Supply—Designer Bath continues growing, Ralph knows he has a banking relationship he can count on. “If we need someone to talk to about our financing, we know we can pick up the phone and get it done,” he asserts.
Working Credit That Works for You
If you need credit, whether in the form of a term loan or a line of credit, you have to know it’s there when you need it. “We had a recent transaction that had a pretty tight window,” notes Salem Plumbing Supply—Designer Bath’s Ralph Sevinor. “We weren’t sure if it could be done, but when we called Paul Passeri at Salem Five, he made it happen.” If you need to purchase equipment or vehicles, consolidate debt or make tangible business improvements, a Salem Five term loan can help. Or you can use a Salem Five line of credit to write yourself a loan when you need capital, have cash flow concerns or have a new business opportunity. The Sevinors utilize both Salem Five products because “they offer competitive rates, there are no hassles and they’re very easy to work with.” But, adds Ralph, it’s the relationship he has with the bank that makes the biggest difference for him. “As the big banks continue to get bigger, you get further away from the people you need to do business with. With the access we get to Salem Five and Paul, the strength of our relationship is the foundation of what we do together.”
Learn more about Salem Five’s Term Loans and Lines of Credit