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Photo by Loretta Garcia
Terri Ivie, owner of Electric Sun Head 2 Toe,
an established hair, nail and tanning salon, Ft. Stockton, Texas.
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Terri
Ivie
DBA Electric Sun Head 2 Toe, Ft. Stockton
Electric Sun Head 2 Toe is a hair, nail, and tanning salon established by
Missy Barrett in
March 3, 2002.
Mrs. Barrett owned and operated the salon successfully and even expanded her
business into a new and permanent location at 401 North Main
in Fort
Stockton, TX. As businesses grow, there is a point in time when the owner is
forced to decide whether to keep the business or sell it due to struggles
that develop between managing the business and servicing the clientele.
Missy decided to sell the salon rather than risk losing clientele.
Terri Ivie, Missy’s long-time friend, saw this as a perfect business
investment opportunity. She is owner and business manager of Ivie
Industries, Inc. and has successfully been operating that business for
approximately a year. Mrs. Ivie met with Lou Ann Tovar of Guaranty Bond Bank
and was able to secure 80% of the total purchase price ($68,000). She then
met with Doug May, Executive Director of the Fort Stockton Economic
Development Corporation (EDC) seeking 10% of the injection money she would
need, hoping this would allow her to lower her personal injection to
$17,184, enabling her to better leverage her financial resources. Mr. May
suggested she meet with Loretta Garcia, Big Bend Region Minority and Small
Business Development Center, Senior Business Advisor, for assistance in
putting together a loan proposal to be reviewed by the Fort Stockton EDC.
As a result, Garcia, Barrett and Ivie completed a loan proposal
that enabled Ivie to secure funding through the Fort Stockton EDC. The
closing on the purchase of the property and business occurred on August 22,
2008.
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