Overview
Every town has businesses that feel like landmarks. For Savannah, one of those was Savannah Steelworks, founded in the 1970s by James Harris, a machinist with steady hands and an eye for detail. For decades, the clang of metal and hum of welders filled the shop floor, supplying local builders, shipyards, and the growing Port Authority.
James believed in hard work, fair dealing, and keeping promises. Those values didn’t just build a company—they built a reputation that stretched across generations. By the time he stepped back from the shop, Savannah Steelworks wasn’t just a business. It was a family legacy.
When James fell ill, the responsibility to carry that torch fell to his grandson Michael. At just over 30, Michael had energy, discipline from his military service, and a deep respect for the Harris name. He remembered sweeping those same shop floors as a teenager, watching his grandfather shake hands with contractors who trusted him without a second thought. Now it was his turn to step into that role.
But keeping a family business alive takes more than memories. The shop’s equipment was aging. Demand was there—long-time clients wanted more production than the old machines could handle—but the facility was cramped, and efficiency lagged. Michael realized: to honor the past, he needed to invest in the future.
The 5 Cs in Action
Character – A Legacy of Trust
The Harris name meant something in Savannah. For 50 years, their reputation for honesty and craftsmanship had been earned the hard way—through long hours and loyal service. Lenders could see that Michael wasn’t starting new; he was continuing a legacy with deep roots in the community.
Capacity – Proof in the Contracts
Even in transition, customers stayed. Michael secured repeat orders from long-standing clients and new contracts from port expansions. The demand was there. With better equipment and space, capacity could grow in step.
Capital – Skin in the Game
Michael didn’t come empty-handed. He invested $50,000 of personal savings and inheritance into the business, showing lenders he was willing to put his own future on the line to secure his family’s legacy.
Collateral – Tangible Security
The Harris family owned their facility outright. Add in industrial machinery, inventory, and multi-year contracts, and the collateral picture gave lenders confidence.
Conditions – A Market on the Rise
Savannah’s economy was booming—construction, shipping, and port expansions meant steelwork demand was only going up. Michael was perfectly positioned to meet that need.
The Breakthrough
Traditional banks hesitated. “New leadership” often translates to “new risks” in the eyes of cautious lenders. But CADDA saw what others missed: a trusted name, real assets, and a family determined to keep their legacy strong.
By structuring financing around the SBA 504 loan program, CADDA helped Michael secure:
- A new facility with room to grow.
- State-of-the-art CNC machinery to double production speed.
- Favorable loan terms that respected the cash flow realities of a family business.
With the SBA 504 loan, Michael didn’t just keep the doors open—he unlocked the next chapter of growth.
The Results
Within 18 months, Savannah Steelworks saw transformation:
- Production bottlenecks disappeared with modern equipment.
- The workforce grew from 14 to 20, creating skilled jobs for the next generation.
- Revenue increased by 40% thanks to bigger contracts and faster output.
- Loan repayments stayed on track, giving Michael breathing room to plan long-term.
Most importantly, the Harris name stayed on the building, just as it had for decades. The shop that began in a garage now had the strength to last another generation—and maybe the one after that.
Why It Matters
For family business owners in their 50s or 60s, Savannah Steelworks shows a powerful truth: your legacy doesn’t have to end when you step back. With the right structure—like an SBA 504 loan—your children or grandchildren can expand on what you built, modernize for today’s market, and carry your name forward for decades to come.