Unless it can raise nearly $2 million in the next month, private home builder Estridge Group may have to shut down, IndyStar reported.
The company was hoping to avoid being the next in a long line of private builders to go out of business during the past few years. But to remain viable – and continue construction on 25 houses it promised to build – Estridge needs to secure a $6 million to $8 million line of credit. To do that, it must raise $1 million to $2 million in capital.
Paul Estridge Jr., has already gone to great lengths to preserve the company his family started in 1967 after taking out a second mortgage on his own home and tapping into his 401(k) to pay vendors.
"From the family perspective, we've poured literally every penny of our life savings to keeping the doors open," Estridge said. "It's been blood, sweat and tears -- and a lot of tears."