Announcing a $5 Million SBA Loan
[For the original story, click here]
Thank you for your patience over the last few months, as we were under confidentiality and needed to fully confirm the below news before announcing it.
ARKHAUS Annonces a $5 Million SBA Loan
One of the largest milestones in building ARKHAUS is the financing of the vessels that form the club. To do so, ARKHAUS needed to obtain a substantial loan to fund the progress payments during the build. As an early stage startup, raising debt is no easy feat because there is no cashflow history.
After 5 months of discussions, negotiations, documentation, and sleepless nights, we are excited to announce that ARKHAUS has successfully closed a $5 Million SBA loan, provided by New York based Hanover Bank. The $5MM amount is the maximum loan amount allowed by the Small Business Administration, and will fund not 4, but 6(!) Arkup vessels. More on this soon.
With this financing secured, ARKHAUS will now accelerate its equity raise and every other aspect of the business.
Vessel Production Has Begun
Well prior to the closing of the SBA loan, ARKHAUS had placed a deposit with Miami based builder Arkup, securing its production slots. Construction of the first ARKHAUS yacht ensued at the end of August, with the hull being put into a mold and ‘infused’. Arkup will initiate production of a new vessel approximately once a month, and our first vessel will roll off the line starting in January.
ARKHAUS Co-Founders Sam Payrovi and Nathalie Paiva see the first Arkup catamaran hulls.
Arkup CEO describes the vacuum sealing and infusion process of the hulls.
White vacuum lines seal the barrier while red lines infuse resin into the fiberglass.
The dark blue resin can be seen under the light blue layer, as it evenly spreads out.
Best,
Sam Payrovi
CEO, Co-Founder
