SUCCESS STORIES


PowerQuest
CEDO stepped in to fill the funding void when PowerQuest founder Eric Ruff applied for the Revolving Loan Fund. Armed with an $80,000 loan in 1994, he was able to put his business plan to work, launching its premier product, Partition Magic, in March 1995. Since then, PowerQuest has earned more than 175 industry awards, including a spot on the prestigious Inc. 500 in 2000 and the Deloitte and Touche Technology Fast 500 two years in a row. At one point, PowerQuest was recognized as the second-fastest growing software company in America. Its net revenues have jumped from $8.2 million in 1996 to $64.18 million in 2000. 395 employees now earn paychecks from PowerQuest.


1-800-CONTACTS
1-800-CONTACTS is the world's largest contact lens store. They stock more than 15 million contact lenses and deliver over 100,000 every day directly to customers. Sales have grown from $3.6 million in 1996 to $145 million in 2000. The company operates out of a single location in Draper, having moved there after being founded in Orem. In May 1995, CEDO gave the company, then known as 800-LENS-NOW, a $40,000 loan to jumpstart founder Jonathon Coons' business plan. They now have over 350 employees.

K-TEC
Founded in 1975 by Tom Dickson, K-Tec came to CEDO in 1991, when a $100,000 loan helped launch the home flour mills onto the national scene. By putting a versatile vacuum cleaner motor under a kitchen-sized milling chamber, Dickson revolutionized the way homemakers used wheat in the home. Since then, K-Tec has become a big-time player in commercial blending, teaming up with partners such as Starbucks, Jamba Juice, and McDonald's to deliver mixed drinks to consumers. The Blendtec Division was founded in 1995 to serve this market, and its blenders are appearing in smoothie and coffee shops across the country.


Granny B's Cookies
The famous Granny B's frosted pink cookie was born in 1984 in founders Wes and Diane Homolik's pizza restaurant, Papa de Marcos. Diane sold them for 25 cents apiece in the Orem restaurant, almost as an afterthought. The popularity of the treat soon became apparent, and the Homoliks decided to start selling their cookies in local convenience stores. A $50,000 loan from CEDO in fall of 1986 and another, for $30,000 in 1988 helped give them the capital they needed to package and distribute their cookies. Granny B's has since become a mainstay in supermarkets and convenience stores, and is one of the nation's most popular cookie lines. Seventeen employees operate out of Granny B's Orem headquarters, still icing by hand the famous sugar cookies (preferred more than 6 to 1 over the company's other 8 varieties).