Loan Client Spotlight: J-C Press
Pat McDermott with newest press
J-C Press is a printing and marketing company located in Owatonna, Minnesota. J-C Press began as a newspaper; E.K. Whiting formed the Journal-Chronicle Company in 1906 by combining the Owatonna Journal and the Owatonna Chronicle. The company has since sold the newspaper and has focused on commercial printing and marketing. In 2015, Pat McDermott became the owner of the company carrying on the over 150-year legacy and expanding the business of J-C Press.
J-C Press received a business development loan from Southern Minnesota Initiative Foundation (SMIF)'s Revolving Loan Fund to help acquire the equipment of Clear Lake Press in Waseca, Minnesota. J-C Press will also keep the customer base and employees of Clear Lake through the transition. With this addition, the company has grown to 50 employees and added services like apparel. J-C Press also partnered with Profinium Bank to finance this acquisition.
For full details, read the press release.
Pat McDermott is confident in the future of J-C Press, “I don’t think the need for print will go away. It’s a very large market-- $80 billion nationwide. I think there’s always a place for it.” They have adjusted to the needs of their clients and with this loan from SMIF, J-C Press continues to thrive.
In a recent interview with McDermott, he stated, “Working with SMIF was great and a very smooth process. When we presented to the loan committee, they were very engaged in what we were doing.” J-C Press continues to grow and be a vital part of their community.