Guided by Navy Federal, Husband-Wife Team See Small Business Dreams Come True

By: Allison Stevens

Bruce Reschke likes working with his hands—a fact he learned about himself before he even reached adulthood.

At age 16, Bruce got a summer job at an electric motor repair shop in Jacksonville, Florida. After graduating high school, his part-time minimum-wage gig turned into a full-time job cleaning parts, driving trucks, learning mechanics and, later, selling electric motor repairs.

He came to realize that blue-collar work offered equivalent opportunities to college-driven career paths—and decided to make this work his career.

Over nearly 3 decades, Bruce climbed the corporate ladder, eventually making his way in 1998 to a sales position at Westside Electric, a Veteran-owned company that offers electric motor repairs, new motor sales and industrial electrician services to the US military and other industries.

He continued to earn promotions and, slowly but surely, made his way to the top.

As president of Westside Electric in Jacksonville, Florida and Savannah Apparatus in Georgia, a position he’s held for a decade now, Bruce directs and coordinates sales and new business development and oversees industrial electric projects, electric motor repair and new motor pricing at the company, which employs about 50 people.

Classic American dream

In other words, Bruce’s is the classic pull-yourself-up-from-your-bootstraps American dream story. But it didn’t fully come true until late last year, when Bruce and his wife, Nicole Foote Reschke, made the business their own.

“Ever since we first started dating, all he has ever talked about is his dream of owning this business,” Nicole said. That opportunity finally came about 2 years ago, when the former owner announced his intention to retire and sell the company.

The Reschkes leapt into action.

Bruce knew the business—and the industry—up and down, inside and out, backwards and forwards. And Nicole, a disabled Veteran who served during the Gulf War era and who now works in the financial sector, brought expertise in banking, management and business ownership (she has owned real estate and mortgage companies in the past).

What’s more, they both cared deeply for the well-established family-oriented business and its committed and skilled employees, many of whom have worked for the company for decades. “We did this for the people who work here,” Bruce said. “We didn’t want them to end up being just another number at a larger corporation.”

“A breath of fresh air”

The challenge came when it was time to secure a commercial loan. That’s where Navy Federal Credit Union, which serves members of the military community, stepped in.

In partnership with an attorney, the Reschkes researched loan options and services with several banks and credit unions, including Navy Federal, which Nicole called an “obvious choice” on account of its mission to serve the military community.

To get the process started, Navy Federal’s Damir D., a commercial lending officer in the Jacksonville area, engaged in an initial conversation with the Reschkes about their assets and goals. “At first, this was just an idea,” Damir said. “We talked about how to execute it in a way that would work for all parties.”

Damir educated the couple on the ins and outs of small business loans and explored how to best structure them to meet the Reschkes’ needs—a challenge at a time when interest rates were rising. With Damir’s help, they decided to take out a “504” loan through the Small Business Administration (SBA), which partially guarantees long-term, fixed-rate financing for major assets that promote business growth and job creation.

In the end, Navy Federal offered the best rates, better terms and the best service, said Nicole, who, with Bruce, took out a multimillion-dollar loan. “It was like a breath of fresh air to finally meet somebody who understood what we needed,” Nicole said. “Damir was extremely knowledgeable and professional. We were confident he could get the deal done.”

The 504 loan was “huge,” Bruce added, noting that its affordable rates allowed the pair to put money back into the company after the deal closed in November. The Reschkes have since bought new equipment and vehicles, fixed up buildings, beefed up marketing efforts and are now recruiting for new positions. They’ve also offered new on-the-job training for machinists, winders and mechanics and have sought to boost employee morale.

Longer-term goals include possible new locations in Orlando, Tampa and Miami. Ultimately, the couple hopes to keep the business going for another half century.

“We wouldn’t have been able to do it without Damir’s help,” Nicole said. “It’s been a great journey,” Damir added, noting that helping members achieve business dreams is “always exciting”—and what Navy Federal’s Business Solutions team is all about.

Learn more about Navy Federal’s products and services for small business owners.