MACED extended a $100,000 loan in 2010 to help a new business, Frontier BioPharm, get established in Madison County, Kentucky.
Frontier BioPharm is a commercial laboratory that sells chemical reference standards, which are used to detect illegal levels of banned or restricted drugs, to the horseracing industry. The business also contracts with other laboratories to develop custom chemical compounds needed for research in the field. Borrower Rodney Eisenberg used MACED’s loan capital to purchase laboratory equipment.
Four new high-paying jobs were created, including a chemist leading the synthetic chemistry and project-planning efforts and a quality-control chemist overseeing the analyses for the chemical reference standards. Two of the positions are laboratory technicians. Eisenberg’s wife, Jenny, also works in the business as bookkeeper. As the business grows, more technical staff positions will be created and a sales and marketing expert will be added.
Quickly creating cash flow is not an easy task for a start-up company, particularly one in a specialized and complex industry, but Frontier BioPharm already has strong and consistent demand for its products and services. MACED recognized the strengths of the entrepreneur, who holds a Ph.D. in chemistry, has considerable experience managing this type of laboratory, and had several good industry contacts already that helped him get off to a fast start.