Alloway Electric
Alloway is an established business in the Boise area. It began operations in 1924. The current owners of the business, Steve and Cynthia Batten, acquired the business in 1997. Alloway Electric has built a reputation on high quality customer service and without question is the Treasure Valley's most recognized electric company. Their green vans are visible throughout the Treasure Valley responding to homes and businesses. As noted above, Alloway Electric opened shop in 1924, doing business in the Egyptian Theater. It has a staff of more than 15 service electricians. The current ownership was established in 1997 when Steve Batten and Cynthia Batten purchased the business from Cynthia's father. Alloway's website is at: www.allowayelectric.com
Alloway Electric is the preferred electrical service company in the Boise area. Key customers include UPS, Boise Consumer Co-op, 24 Hour Fitness, Boise City Public Works, Santa Clara Plastics, Preco Electronics, Spectra Site Const. They provide a full range of services including: 24 Hour emergency services, electrical troubleshooting, service upgrades, lighting design systems, street lighting, home and office lighting, ceiling fan installation, switches/receptacles, computer cabling, commercial lighting, and more.
The original purchase agreement from the previous owners featured a high interest rate, short-term note. The CDFI, working with Key Bank (one of its investor banks) was able to develop a financial package to extend the terms and lower the debt service load, thus strengthening and preserving the business.
In all, Key Bank provided over $660,000 in financing for this project. The CDFI financed $150,000 over 15 years at 5.75%. Along with the fifteen service technicians, Alloway employs four front office staff for a total of nineteen jobs.
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