Prompt Electric
Rick Joseph proudly points to the photograph on the refrigerator. “That’s my grandson,” he says. Rick, or Ricky as his wife calls him, says that the family-run business, Prompt Electric Motors in Irving Park, will definitely stay in the family.
Rick has been in the electric motor business now for 34 years. Aida, his wife, and Alvin Marcelino, his son-in-law, help him run the service company, which has been in its current location since 2003. Before that, the business was run out of a basement. And before that, Rick worked both full-time and part-time jobs at electric motor businesses, logging more than 100 hours a week sometimes.
“I still have that timecard somewhere,” Rick says, smiling.
Although a successful business in the neighborhood, Prompt Electric struggled to get big-dollar contracts because of an inability to stock enough inventory and supplies. In late 2007, Prompt Electric sought the expertise of CCV and began working with Hussain Bhanpuri, CCV Program Specialist, and Duane Wadlington, CCV Loan Officer.
In the past, Prompt Electric had not been able to secure a traditional bank loan, but with some financial counseling, was approved for a Neighborhood Transformation Loan from CCV.
The CCV loan allowed Prompt Electric to purchase a delivery truck and increase inventory levels and helped the company to better organize its finances, explained Alvin, Prompt Electric’s Sales Manager, positioning it on the path to growth.
With more money to stock certain parts and assistance from Hans Bonner, a CCV counselor, Prompt Electric has been able to secure a five-year $2 million contract with the City of Chicago’s Department of Aviation where some of the work includes servicing motors for airport floor-cleaning equipment.
In December, Prompt Electric paid off the CCV loan early and obtained financing from a commercial bank, a real success. “CCV gave us the confidence that if we ran into any problems they would back us up,” Alvin said.
“They became like a big brother to a small company,” Alvin said, speaking of Prompt Electric’s relationship with CCV.
Rewinding motors, a big part of Prompt Electric’s business, is not an easy process. Rick and his employees wind the coils, varnish and bake the motors in-house. They also painstakingly record all of the motor data in meticulous, handwritten notes.
“I’m happy to stay in the shop,” Rick said. Over the years, he has taught his son, Reynaldo, all about motors and electric parts, ensuring the survival of the Joseph family business. Together, the two may be the most efficient team of motor rewinders in the area.
“I’d match them against ten men,” Alvin said confidently.