SBDC Success Story
PlugIn Stations Online
PlugIn Stations Online (PISO) is an Albany-based business, founded in 2011 by John Doran, an electrician looking to start an entrepreneurial venture. The company is committed to a greener future by reducing reliance on fossil fuels and supporting the Electric Vehicle (EV) revolution. PISO utilizes the latest available charging technology to provide an affordable, approachable and modern charging experience at hundreds of locations throughout New York State. The company has seen steady growth since 2011, as the interest in electric vehicles has grown. In 2018, a settlement claim provided $2 billion to Northeastern states to increase the number of EV plug-in stations, which increased PISO’s sales requests from eight quotes per month to 50 per month, a 525% increase in growth. The company needed an influx of working capital to meet this demand. Mr. Doran approached his bank, who then contacted Business Advisor Thomas Reynolds at the Albany SBDC for assistance in quickly developing financial projections for an SBA-guaranteed loan. Soon after, PISO was approved for a working capital line of credit, providing the necessary investment to immediately hire additional installation technicians to fulfill the backlogged contracts and position the company for further growth in 2020 and beyond. PISO’s client roster includes universities and colleges, municipalities, residential developments, retail centers, the hospitality industry, and will soon include locations along the New York State Thruway through a sizeable contract from the New York Power Authority.
To find an SBDC near you, click here.