When the Atlanta Ballet decided to premiere a new edition of The Nutcracker, they turned to Atlantic Capital Bank for a customized financing solution to move the project forward.
“As with any nonprofit, we have moments where we don’t have the exact amount of cash on hand,” said Pam Whitacre, Atlanta Ballet COO. “Our artistic director makes presentation decisions in advance. Timing is crucial. We need a lending partner who can work with us quickly and efficiently so we can execute our world-class performances. Atlantic Capital does just that.”
COO Pam Whitacre and her team are responsible for keeping the lights on at the oldest ballet company in the United States. Signature productions like The Nutcracker involve a significant amount of initial expenses, and Pam keeps an eye on the cash flow.
“When you take on a big project as a nonprofit, you have to raise philanthropic funds,” Pam said. “Innovation comes at a price, and we rely on the generosity of like-minded individuals to keep making artistic strides with us.”
The Atlanta Ballet has unique funding needs. Operating revenue seasonally spikes, and sometimes the expenses are not always consistent.
But what happens when operating funds run low? The ballet company cannot afford seasonal cash flow issues to stall production.
Pam Whitacre and her team had felt like they weren’t receiving the service they needed in their relationship with one of the national banks. Finally, a few years ago, they decided to find the level of service needed to support their long term goals.
“We shopped five banks, and Atlantic Capital promptly gave the most comprehensive proposal that addressed every single need we had,” Pam said.
Ashley Carson, EVP of Not-for-Profit Banking, and her team promptly offered a comprehensive spectrum of products and services, including:
Online access, transaction processing, owner-occupied financing, bridge financing tied to capital campaigns, working capital management tools and a working capital line of credit.
Ashley and her team met with Pam to understand the organization’s strategic plan, cash flow and credit needs. They have continued to take a customized, high-touch relational approach to making sure the Atlanta Ballet receives exceptional service.
Sometimes, these needs spring up last minute.
“Atlantic Capital has been outstanding,” Pam said. “If I have an emergent issue, whether short-term cash resources or help on treasury management, I send out the call, and the whole Atlantic Capital team rallies to find a solution. Timing to execute is imperative as we roll out the new The Nutcracker. Thankfully, we know Ashley is there for us.”
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