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Count Sarasota construction executive Joe Holland as yet another Gulf Coast business leader who hasn't been impressed with federal stimulus packages.
For starters, says Holland, president of Hanover, Pa.-based Holland Construction, the stimulus bills haven't stimulated much work in his industry. But now Holland hopes his potential solution to the problem — his firm recently started its own stimulus package — will bring about some real change.
The gist of the program is this: Holland Construction, which runs a Florida office out of Sarasota, will provide certain clients a financing arrangement in lieu of or in addition to bank or private equity lending. The financing, on projects including multi-family residential, health care and retail, ranges from deferring fees to potentially taking an ownership position.
“It's our own mini-stimulus program,” says Holland. “This is to help construction projects that just can't get off the ground due to financing issues.”
No doubt construction companies of all sizes currently face that dilemma. But Holland Construction, says Holland, is one of the few companies in a strong enough cash position to be a de facto bank in some stalled deals. “Everybody else is playing defense,” Holland tells Coffee Talk.
The company announced the financing program March 2 and Holland has since fielded a steady stream of phone calls on it. One potential project that would qualify for the lending program is in Tampa, while another one that could be included is in Sarasota.
Holland Construction recently changed its name from Hostetter Construction. The firm, with $29 million in 2009 revenues, has an office in Maryland, in addition to Sarasota and its central Pennsylvania headquarters. It was founded in 1907.
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