“Our business has experienced tremendous growth since we launched,” says Tyler Koen about Junk Chief, the Point Pleasant, NJ-based trash-removal and demolition business that he launched in 2023 with his business partner and friend, Nick Fusco. “But without financing from Pursuit, it’s possible that we’d never have gotten it off the ground.”
Here’s how they moved forward with financing and additional business advisory support from Pursuit to create a growing business that has expanded from one truck and six dumpsters to three trucks, twenty-five dumpsters, and hiring employees in less than two years.
Keeping a longtime vision alive
Tyler tells the backstory of Junk Chief, which had been percolating since high school. “When I was a freshman, my grandfather paid for some junk to be removed, and that was the first time I realized that this was a business,” he says. “Then, one day, I saw a pamphlet and pricing for one of the major companies doing this work. That’s when I realized that it’d be a great industry to get into. People are always going to have stuff they need to clean out and dispose of.”
Tyler even committed to creating a business plan for a high-school career day and later bought the Junk Chief brand assets from a business that closed several years ago.
“I’d kept the logo, domain name, and the business plan for years, but I’d also learned that the barrier to entry is really steep. It takes two years to get licensed and the equipment is really expensive,” he explains about the dump trucks and dumpsters that form the basic equipment needed for a licensed and insured professional operation.
Finding the right time to launch
Although Tyler had pitched the business to Nick a few times over the years, it took a while before Nick appreciated its full potential, as well as the value of becoming entrepreneurs together, personally and professionally. In the meantime, Tyler moved forward on the steps needed to get the business licensed so that when the right time came, Junk Chief could hit the ground running.
Nick says, “We’d both done different types of work over the years and we brought good experiences to the table. I could see that there would always be a need for these services so, when Tyler asked whether I wanted to work for someone else the rest of my life or be our own boss, I was finally sold.”
Securing essential financing
Although Nick and Tyler each had some savings to contribute, the cost of dump trucks and dumpsters meant that financing was essential for them to launch – but after approaching several lenders, they still had no viable offers.
“We were turned down a bunch,” Tyler admits. That changed when they found Pursuit through a Google search and got connected with Pursuit’s Relationship Manager.
“From our first conversation with Pursuit, things started to fall into place,” Tyler says.
He admits that as new business owners and borrowers, the loan process felt daunting at times. “But once we got organized and had the documents we needed, everything got much easier. Pursuit helped us throughout the process and we always knew that we had their support.”
Working with Pursuit, Nick and Tyler secured two loans for Junk Chief: An SBA 7(a) loan and an SBA Microloan, providing them with funds they needed to purchase equipment and get their services underway. The SBA 7(a) loan program provides variable-rate funding from $50,000 to $5 million for startups and growing businesses, with terms up to 10 years for most deals. The SBA Microloan offers loans of $10,000 to $50,000 for a range of uses, including working capital to help businesses start and stay strong.
Pursuit’s Relationship Manger said, “It was a pleasure to work with Tyler and Nick throughout the loan process and such a rewarding experience to be able to help make their vision a success. I know they will continue to grow the business in the future.”
Business Advisory Services provide additional benefits
As borrowers, Nick and Tyler were eligible for Pursuit’s Business Advisory Services – expert consultants who provide training and guidance in key areas, such as financial management, bookkeeping, human resources, and marketing. Pursuit BAS team members Christophe Pane and Irene Dominguez worked closely with Tyler and Nick on priority areas.
“We took them up on every project that they offered and all of them have had a strong positive impact,” Nick says. “We’ve gotten so much out of our QuickBooks training and we’ve worked in Excel on business forecasting to put together solid business and financial projections for the next few years. We’ve learned how to define and communicate our competitive advantages and we’re working on a really nice presentation for major commercial-contract opportunities, too. And Christophe helped with a website audit and we’ve made a lot of important improvements.”
He continues, saying, “The BAS team helped us create a growth mindset to envision how far we could go with our business and, without a doubt, these services are a massive reason why we’ve grown so much already.”
“I first connected with Tyler while the business was still finalizing permits and later, I worked more closely with Nick,” says Irene. “Between them, they’ve been fully engaged with our internal and external consultants across multiple areas and their commitment and drive are strong indicators that this business is set to thrive. It’s been gratifying to see how they’ve embraced our services as they continue to grow.”
Christophe adds, “What impresses me most about Nick and Tyler is their unwavering commitment to building something bigger than a successful business – they’re building a legacy. It’s been incredibly rewarding to see how they embrace every piece of strategic, financial, and marketing guidance and translate it into meaningful action. Their integrity and relentless work ethic make partnering with them a true pleasure. Ask any of their stakeholders – there’s no doubt that Junk Chief is on a path to even greater success.”
Looking ahead
Today, with positive brand perception, a reputation for excellence in the Jersey Shore area and beyond, and solid plans for continued growth in both size and services, Tyler and Nick are getting closer to their goal: Creating their area’s leading brand in their industry. Much of the growth has been organic through recommendations and repeat business, with about a 50/50 split between residential and commercial work.
“Honestly, it’s really exciting to see how Junk Chief is growing,” Tyler admits about the business he’d been dreaming about for years. “We want to continue adding to our equipment and services, build a bigger team, and have our name recognized throughout the area.”
Nick adds, “We’d also like to purchase real estate for the business to support our growth and add additional value to our business assets.”
Pursuit helps entrepreneurs get financing and more
Nick says, “We’re working hard to fulfill Tyler’s vision for what Junk Chief can become and it has been an amazing experience. And we’re so glad that we found Pursuit because otherwise, we may never have had the chance to see it through.”
Whether you’re launching a new business, expanding a current venture, or anything in between, Pursuit can help. As a leading small business lender serving businesses across New York, New Jersey, Pennsylvania, Connecticut, Illinois, and Delaware, we offer loans and a line of credit for working capital, commercial real estate, equipment, and much more. We’ve helped thousands of small business owners get the funding they need to achieve their goals and we can help you, too.