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NWRPC News

Posted on: March 21, 2018

NWBDC Awards Business Purchase Financing for Stone Lake Lumber, LLC

The Northwest Wisconsin Business Development Corporation (NWBDC) awarded loan funding to Paul Manka and Michael Bogenschneider, partnered owners of Stone Lake Lumber, LLC, to purchase the buildings and ownership outright from their initial investor.

In 2015, Paul Manka and Mike Bogenshcneider, with support from a local investor, saw the opportunity that Stone Lake Lumber could offer. By focusing on customer service, good prices, and quality products, they have grown Stone Lake Lumber into a very profitable and growth focused business.

Stone Lake Lumber is located in the Heart of Wisconsin’s Vacationland at the Southwest Gateway into the Chippewa Flowage and Hayward, Wisconsin. Stone Lake Lumber offers a complete product line to the Vacationland Builder, from Cabins to Castles, Contractors to Do-it-yourself Customers. Stone Lake Lumber combines age old craftsmanship with cutting edge construction practices, using Wisconsin suppliers and vendors. Stone Lake Lumber prides itself in offering home owners, and builders alike the best products and services, all leveraged upon a combined 40 plus years of Manka and Bogenschneider’s industry experience.

Stone Lake Lumber offers the following products for building construction and renovation needs including: lumber; roofing material; siding/stone; blocks; insulation; windows; doors and molding; flooring; cabinets; hardware, tools, accessories and implements. Many of the products they sell come from Wisconsin manufacturers and distributors such as Manion’s Wholesale Building Supplies, Weather Shield, and Badger Corrugating Company Expansion projects started right away, as Manka and Bogenshcneider wanted to keep the history of the lumber yard, while updating the company by adding many new features, products, and employees. One of the biggest changes was the purchase of the old Stone Lake Bank, which has been converted into a showroom that offers everything from flooring to kitchens to siding and everything in between.

By aggressively increasing sales revenue and receipts year over year and maintaining strong profits, Manka and Bogenshcneider sought funding to assist them with the outright purchase of Stone Lake Lumber. A partnered opportunity between the traditional lead lender, People’s Bank Midwest, and Northwest Wisconsin Business Development Corporation formed to make this goal a reality.

NWBDC’s revolving loan funding provided the critical gap financing to complete the purchase of the real estate and equipment. This project is expected to create 2 jobs and retain 6 jobs in Stone Lake, Wisconsin. To see if your business would qualify for a startup, transition or expansion loan product at NWRPC, contact loan fund manager Ken Pearson at (715) 635-2197.
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