Linda and Timothy Abell own and operate Security Vault Works, Inc. (SVW) in Laurel, MD. The company has been in operation since 1986, providing general construction services to the banking and financial services industry for the installation of automated teller machine networks; and the design and construction of new and renovated branch facilities.
Security Vault Works started as a home-based business with humble intent serving as a small and local contractor providing services in the Maryland/DC/Northern Virginia corridor. Their management strategy centered on meticulously cross-training their core employees to respond quickly and effectively to their clients’ needs. With this methodology, SVW was able to consistently deliver high quality, dependable, and timely services that allowed the business to stay streamlined and focused within its chosen industry niche.
Initially, the company primarily installed and removed vaults and security deposit boxes for banks and government facilities. As technology evolved and opportunities surfaced, SVW began servicing bank ATM change outs and constructing bank branches as turnkey operations. Demand for their services increased significantly and the Abells systematically expanded their business to include offices in Texas, North Carolina, Florida, and Virginia.
As technology facilitated more change, Linda and Tim were faced with critical decisions on how to successfully manage and expand their business. In repositioning the company for growth, the Abells transitioned from leasing to becoming property owners.
SVW worked with FSC First to obtain an SBA 504 loan. The funding request of $1,260,000 included a real estate acquisition of $936,000, improvement costs of $385,000 and soft costs of $79,000. With a total square footage of 29,879, of which 11,154 is office space and 13,058 is warehouse space, the property in Laurel, MD serves as SVW’s headquarters for managing 63 employees in five states.
Subsequently, SVW has grown their operations to employ 150 individuals in seven states, which now includes Missouri, Indiana, and two offices in California. SVW was once defined as a small business under the applicable SBA size standards and has effectively taken position in a new stage of their business life.