Founded a little over 12 years ago, Illinois-based Kranze Technology Solutions designs and builds high-tech digital equipment, primarily for use by the U.S. military. For the first couple of years, the company operated using a fairly modest line of credit extended to it by the major national bank with which it was then working.
But Kranze soon became a victim of its own success. “We started growing, getting larger and larger orders, and in order to fulfill them we needed a larger line of credit to bridge the gap between winning a contract and commencing work and being paid,” said Kranze founder Julie Kranze.
“We didn’t expect it [securing a larger line of credit] to be a challenge,” Kranze said. “Our revenue was solid and growing. In fact, we were doubling in size every year. We were a runaway success.”
“We decided to go to a community bank to find someone who would really work with us and provide what we needed to keep growing,” Kranze said.
“It was a classic case of our old bank not understanding the government contracting business,” she said. “To be fair, the dynamics of the government contracting sector, and the way government contracts ramp up, are different from what banks often see, but we knew we needed to look elsewhere.”
As the old saying goes: When one door closes, another one opens. An accounting firm Kranze was working with suggested they take a look at Sandy Spring Bank.
Nearly six years later, and now with more than 100 employees, Kranze says, “We couldn’t be happier with Sandy Spring Bank. We found our bank."
Kranze attributes much of the strength of the relationship to the accessibility of Sandy Spring Bank executives. “If we need to talk, or check on something, we just call each other on our cell phones,” she said. “They feel like colleagues rather than ‘our bankers.’”
Kranze continued, “With Sandy Spring Bank we found a real partner and when you find a good one, it changes everything.”
To learn more about our customized support and to connect with a government contractor banker, please provide us with your contact information. A government contractor banker will reach out for a conversation within one business day.;
Read more Government Contracting testimonials. »
Learn more about Sandy Spring Bank's Government Contracting team »